What changed in this filing

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Item 2. Properties

2026-02-19 compared with 2025-04-01 · 1840 added, 1594 removed, 811 unchanged (81% of the section changed)

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The Company is also subject to NI 43-101.

While the S-K 1300 rules are similar to NI 43-101 rules in Canada, they are not identical.

The information in Item 2, Properties, below is common to both reports and contains pertinent information required under S-K 1300 and NI 43-101.

As used in this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with S-K 1300.

All determinates of mineral resources and mineral reserves have been prepared by qualified persons who are not affiliated with the Company.

Except as set forth in the Item 2, all determinations of mineral resources and mineral reserves have been prepared by qualified persons who are not affiliated with the Company.

Under S-K 1300, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person that the mineral resources can be the basis of an economically viable project.

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Inferred mineral resources are estimates based on limited geological evidence and sampling and have too high of a degree of uncertainty to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability.

At this time, no mineral reserves have been determined for any of the Company's properties.

Estimates of inferred mineral resources may not be converted to a mineral reserve.

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and Montgomery & Associates, none of whom are affiliated with the Company.

The Company has also caused to be prepared the NI 43-101 technical report for the Cove Project titled “NI 43-101 Preliminary Economic Assessment for the Cove Project, Lander County, Nevada” with an effective date of December 31, 2024] (the “43-101 Cove Report”) which was prepared by Practical Mining LLC and TR Raponi Consulting LTD.

The Company has also caused to be prepared the NI 43-101 technical report for the Cove Project titled “NI 43-101 Preliminary Economic Assessment for the Cove Project, Lander County, Nevada” with an effective date of December 31, 2024 which was prepared by Practical Mining LLC and TR Raponi Consulting LTD.

Except as otherwise stated, the scientific and technical information relating to the Granite Creek Project contained in this Form 10-K is derived from the S-K 1300 report for the Granite Creek Complex titled “Initial Assessment of the Granite Creek Mine, Humboldt County, NV” effective December 31, 2024 prepared by Practical Mining LLC., TR Raponi Consulting Ltd.

and Montgomery & Associates, none of whom are affiliated with the Company.

The Company has also caused to be prepared the NI 43-101 technical report for the Granite Creek titled “Preliminary Economic Assessment NI 43-101 Technical Report, Granite Creek Mine Project, Humboldt County, Nevada, USA” with an effective date of December 31, 2024 (the “43-101 Granite Creek Report”) which was prepared by Global Resource Engineering, Ltd.

and Global Resource Engineering, none of whom are affiliated with the Company.

The Company has also caused to be prepared the NI 43-101 technical report for the Granite Creek titled “Preliminary Economic Assessment NI 43-101 Technical Report, Granite Creek Mine Project, Humboldt County, Nevada, USA” with an effective date of December 31, 2024 which was prepared by Global Resource Engineering, Ltd.

and Practical Mining, LLC.

Except as otherwise stated, the scientific and technical information relating to the Lone Tree Project contained in this Form 10-K is derived from the S-K 1300 report for the Lone Tree Project titled “S-K 1300 Technical Report Summary on the Mineral Resource Estimates for the Lone Tree Deposit, Nevada” effective December 31, 2024 prepared by GeoGlobal which is not affiliated with the Company.

The Company has also caused to be prepared the NI 43-101 technical report for the Lone Tree Project titled “Technical Report on the Mineral Resource Estimates for the Lone Tree Deposit, Nevada” with an effective date of December 31, 2024] (the “43-101 Lone Tree Report”) which was prepared by GeoGlobal LLC.

Samal, RM-SME, Brian Arthur, RM-SME and Paul Gates.

PE, none of whom are affiliated with the Company.

Except as otherwise stated, the scientific and technical information relating to the Ruby Hill Project contained in this Form 10-K is derived from the S-K 1300 report for the Ruby Hill Project titled “S-K 1300 Technical Report Summary Initial Assessment of the Ruby Hill Project, Eureka County NV” effective December 31, 2024 prepared by Forte Dynamics, Inc., Practical Mining LLC, and TR Raponi Consulting Ltd., none of whom are affiliated with the Company.

The Company has also caused to be prepared the NI 43-101 technical report for the Ruby Hill Project titled “Preliminary Economic Assessment of the i-80 Gold Corp.

Ruby Hill Project, Eureka County NV” with an effective date of December 31, 2024 (the “43-101 Ruby Hill Report”) which was prepared by Forte Dynamics, Inc., Practical Mining LLC, and TR Raponi Consulting Ltd.

Ruby Hill Project, Eureka County NV” with an effective date of December 31, 2024 which was prepared by Forte Dynamics, Inc., Practical Mining LLC, and TR Raponi Consulting Ltd.

Each S-K 1300 technical report summary has been filed as an exhibit to the Form 10-K and is available for review on EDGAR at www.sec.gov.

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The Technical Report Summaries should be read in conjunction with the information in this Item 2.

Table of C o ntents

Except as otherwise stated, Aaron Amoroso, a QP and an employee of the Company, has reviewed the mineral resources in this Annual Report on Form 10-K and their material assumptions as of December 31, 2025.

Summary Disclosure

The following descriptions summarize selected information about the Company's four material properties (Cove, Granite Creek, Ruby Hill, and Lone Tree) as of December 31, 2025.

All of the material properties are wholly owned by the Company or a wholly owned subsidiary.

All of the material properties are wholly owned by the Company.

Mineral Production

The Company sold 21,527 ounces of gold for the year ended December 31, 2024, 29,370 ounces of gold for the year ended December 31, 2023, and 13,031 ounces of gold for the year ended December 31, 2022.

Which includes equivalent gold production from mineralized material sold during 2024, 2023 in the amounts of 52,261 and 76,143 tonnes, respectively.

The Company produced 4,476 ounces of silver for the year ended December 31, 2024, 10,942 ounces of silver for the year ended December 31, 2023, and 8,027 ounces of silver for the year ended December 31, 2022.

Table of C o ntents

The Company produced 28,196 ounces of gold for the year ended December 31, 2025, 21,527 ounces of gold for the year ended December 31, 2024, and 29,370 ounces of gold for the year ended December 31, 2023 which includes equivalent gold production from mineralized material sold.

Summary of Mineral Resource Estimates as of December 31, 2025

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Archimedes Underground — — — 1,791 7.60 436 1,791 7.60 436 4,188 7.30 988

Mineral Point

Mineral Point Open Pit

— — — 216,982 0.48 3,376 216,982 0.48 3,376 194,442 0.34 2,117

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Total — — — 224,270 14.81 106,482 224,270 14.81 106,482 203,547 14.25 93,448

See the mineral estimates set forth in the individual property descriptions for more detail regarding the resource estimates.

Except as set forth in the individual property sections, mineral resources were determined in situ using a gold price of $2,175.

Table of C o ntents

A Qualified Person and an employee of the Company, has approved the mineral resources included in this Annual Report on Form 10-K as of December 31, 2025 and reviewed the resources and the material assumptions in the S-K 1300 technical report summaries for each of Granite Creek, Ruby Hill, Cove and Lone Tree and confirmed that the resources and material assumptions are current as of December 31, 2025.

mineral estimates set forth in the individual property descriptions for more detail regarding the resource estimates.

Except as set forth in the individual property sections, mineral resources were determined in situ using a gold price of $2,175 per ounce.

Other Property Assets

Location 1.5 miles east of the town of Eureka, Nevada

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Tabor Project

Location 55 miles west of the town of Tonapah, Nevada

Location 55 miles west of the town of Tonopah, Nevada

Type and amount of ownership interests option to earn in up to 100%

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Processing plants and other facilities None

Argenta Project

Location 12 miles west of the town of Battle Mountain, Nevada

Type and amount of ownership interests 100% ownership

Operator Argenta LLC

Titles, mineral rights, leases or options and acreage 253 unpatented Claims and 18 patented claims totaling approximately 1,024 acres

Property Stage Exploration

Key permit conditions Subject to NOI through BLM or PoO for further exploration work

Mine types and mineralization styles Sedimentary barite

Processing plants and other facilities Railroad siting

The following descriptions summarize selected information about the Company's four material properties (Cove, Granite Creek, Ruby Hill, and Lone Tree) as of December 31, 2025.

All of the material properties are wholly owned by the Company or a wholly owned subsidiary.

Granite Creek

Current Technical Report

Unless otherwise indicated, information in this section entitled “Material Mineral Properties – Granite Creek Project” is summarized or extracted from the technical report entitled, “Initial Assessment of the Granite Creek Mine, Humboldt County, NV” effective December 31, 2024 prepared by Practical Mining LLC., TR Raponi Consulting Ltd.

and Global Resource Engineering (the “Granite Creek Technical Report”).

Portions of the following information are based on assumptions, qualifications and procedures which are set out only in the full Granite Technical Report.

For a complete description of the assumptions, qualifications and procedures associated with the following information, reference should be made to the full text of the Granite Creek Technical Report, which is available for review as an exhibit to the Company’s Form 10-K under its profile on Edgar at www.sec.gov.

Granite Creek is considered an exploration stage project because the Company has not determined mineral reserves at the project, and the Company has started extraction activities without determining mineral reserves.

A QP and an employee of Global Resources Engineering, has approved the Granite Creek Open Pit mineral resources included in this Annual Report on Form 10-K as of December 31, 2025 and reviewed the reserves and resources in the Granite Creek Technical Report.

Aaron Amoroso, a QP and an employee of the Company, has approved the Granite Creek Underground mineral resources included in this Annual Report on Form 10-K as of December 31, 2025 and their material assumptions.

Property Description, Location and Access

The Granite Creek property (the "Granite Creek Property" or "Granite Creek Project"), was formerly known as the Getchell property, and originally as the Pinson property.

The Granite Creek Project is located in Humboldt County, Nevada, 28 miles northeast of the town of Winnemucca, and it is part of the historic Potosi mining district.

It is centered at roughly 41° 8’ N latitude and 117° 15.5’ W longitude.

In April 2021, i-80 Gold Corp.

(the "Corporation"), through its wholly owned subsidiary, Premier Gold Mines USA, Inc.

("Premier USA"), completed its acquisition of Osgood Mining Company LLC ("Osgood LLC"), the owner of the Granite Creek Property.

In May 2021, the Corporation purchased additional property from Seven Dot Cattle Co.

LLC and the Christison family, and in May of 2022 purchased fee land from Nevada Gold Mines LLC, further increasing the size and ownership in the land package.

See Figure 1-1 Granite Creek Property Area/Royalty Map.

Figure 1-1 Granite Creek Property Area/Royalty Map

Location - The Granite Creek Property is accessed by a combination of paved interstate and state highways, and well-maintained, unpaved private roads.

The project site is 28 miles from Winnemucca by road.

The project area encompasses approximately 1,823.5 hectares in the Potosi mining district, surrounding and including the existing Granite Creek mine.

Figure 1-2 Location of Granite Creek Property within Nevada

Land Rights - The approximately five-square-mile project area contains both private land and unpatented federal lode mining claims on Bureau of Land Management ("BLM") land.

The Corporation controls the Granite Creek Project through a combination of full ownership, majority ownership and leases.

See Figure 1-1 above.

The Granite Creek property encompasses approximately 4,506 acres (1,823.5 hectares) including 48 owned unpatented claims (approximately 897 acres), 56 leased unpatented claims (approximately 1,007 acres) and owned surface fee land (approximately 2,654 acres ) .

The lease expires in 2040.

Osgood LLC controls 68 mining claims covering portions of Sections 28 and 32, Township 38 North, Range 42 East, and 36 mining claims covering Section 6, Township 37 North, Range 42 East, through ownership (full or majority) and leases.

Osgood LLC owns a 100% interest in the Pacific #1A-7A mining claims located in Section 28, Township 38 North, Range 42 East.

These claims were initially staked by the Cordilleran Explorations partnership, the original developer of the Granite Creek Property, and are subject to the Royal Gold Royalty, the Cordilleran Royalty and the PMC Royalty.

Osgood LLC owns a 100% interest in the CX #1A-23A claims located in Section 28, Township 38 North, Range 42 East.

These claims were initially staked by Pinson Mining Company ("PMC") and are subject to the Royal Gold Royalty and the PMC Royalty.

Osgood LLC controls a 100% interest in the BEE DEE group of claims (56 mining claims) through a mining lease agreement with Franco-Nevada U.S.

Corporation (50%) and S&G Pinson, LLC (50%) as the current lessors (the "BEE DEE Lease Agreement").

These claims are located in Section 32, Township 38 North, Range 42 East and Section 6, Township 37 North, Range 42 East.

The BEE DEE Lease Agreement provides for monthly minimum advance royalty payments to the lessors, which payments currently total $122,495.24 per year (subject to increases or decreases in accordance with the Consumer Price Index).

Osgood LLC is also required under the BEE DEE Lease Agreement to maintain the leased claims with the BLM and Humboldt County, Nevada.

The BEE DEE Lease Agreement expires on May 9, 2040.

These claims are subject to a 2% net mint or smelter returns ("NSR") royalty in favor of the lessors pursuant to the BEE DEE Lease Agreement, as well as the Royal Gold Royalty and the PMC Royalty.

Osgood LLC and Premier USA own a 11/12 interest in the Pinson #1A-18A mining claims located in Section 32, Township 38 North, Range 42 East.

1/2 interest is held by Premier Gold Mines USA, Inc.

The remaining 1/12 interest is owned by Michael Murphy, and is not leased by Osgood LLC.

The fact that Osgood LLC has not leased the unowned 1/12 interest in these claims does not preclude it from mining the claims.

Osgood LLC, as the co-owner of an undivided interest in these claims, has the right to mine the claims without permission or approval from (and even over any objections by) the other co-owner, subject, however, to an obligation on the part of Osgood LLC to account to the other co-owner for their proportionate share of mining revenues less their proportionate share of mining expenses.

These claims are subject to the Royal Gold Royalty and the PMC Royalty as described below, and are also subject to a royalty initially held by Kate Murphy et al.

Fee Lands - Osgood LLC owns a 100% interest in Sections 29 and 33, Township 38 North, Range 42 East.

Section 29 is subject to the Royal Gold Royalty, the Cordilleran Royalty and the PMC Royalty as described below.

Section 33 is subject to the Royal Gold Royalty, the PMC Royalty, the Goldfield Royalty and the Conoco Royalty as described below.

Osgood LLC and Premier USA own a 91.67% interest in the 120-acre parcel comprising the east half of the southwest quarter and southeast quarter of the southwest quarter of Section 28, Township 38 North, Range 42 East.

The remaining interest in this parcel is owned by Michael Murphy (8.33% undivided interest) and is not leased by Osgood LLC.

As noted above with respect to the Pinson unpatented mining claims (which are only partially owned by Osgood LLC), the fact that Osgood LLC does not own or lease the outstanding 8.33% interest in this land does not preclude Osgood LLC from mining the land.

Osgood LLC, as the co-owner of an undivided interest in the land, has the right to mine the land without permission or approval from (and even over any objections by) the other co-owners, subject, however, to an obligation on the part of Osgood LLC to account to the other co-owners for their proportionate shares of mining revenues less their proportionate shares of mining expenses.

This parcel is subject to the Royal Gold Royalty and the PMC Royalty as described below, as well as a royalty tied to PMC's purchase of the land.

Osgood LLC owns a 100% interest in Section 21, Township 38 North, Range 42 East.

Section 21 is subject to the Royal Gold Royalty, and the PMC Royalty, as well as the NGM royalty as described below.

Premier USA owns a 100% interest in Section 31, Township 38 North, Range 42 East.

Royalties - The Granite Creek Property is subject to several royalties.

As of the date of this Annual Report, the following table summarizes the royalties present on the various properties making up the Granite Creek Property.

Several royalties are in effect on various areas of the property.

Some royalties were retained by previous owners upon sale of the property while others were negotiated as lease agreements with claim holders.

See Figure 1-1 above.

Granite Creek Property Royalties

Lessor/Grantor

Gold Royalty U.S.

Franco-Nevada

Franco-Nevada and S&G Pinson

proportionate to individual interests Noceto/Phillips/K.

Christison/J.

Christison/M.

Nevada Gold Mines

1996 Sliding scale royalty with successors to agreement:

Royal Gold and D.M.

Environmental Considerations - The reclamation and closure cost for the Granite Creek Mine surface and underground is estimated at $5.72 million as of January 16, 2026.

A bond in the amount of approximately $2.62 million is held by the Nevada of Environmental Protection (NDEP) to address reclamation activities associated with the underground mine while an additional approximately $3.1 million bond is held by the Bureau of Land Management (BLM) for surface reclamation activities.

There are no other known environmental liabilities associated with pre-Project operations.

Social & Community Considerations - Mining activities at the Granite Creek property began in the 1870s, with intermittent periods of operation continuing to the present day.

Over its history, the operation has contributed significantly to the economic development of Humboldt County through job creation and both direct and indirect economic benefits.

The Company periodically hosts Town Hall meetings in Winnemucca, Nevada, to offer operational updates to local stakeholders.

The Company also collaborates with the Nevada 95-80 Regional Development Authority during its annual economic development conference and works closely with the Humboldt County School District and Mining Industry Foundation on various educational initiatives and activities.

The Company maintains strong, positive relationships with local government officials, ranchers, landowners, and nearby residents.

The Granite Creek Property has been explored by a number of individuals and mining/exploration companies since the late 1930s.

The original discovery on the Granite Creek Property was made by Clovis Pinson and Charles Ogee in the mid to late 1930s, but production did not occur until after World War II, when ore from the original discovery was shipped to and processed at the Getchell mine mill.

In 1949 and 1950, total production from the Granite Creek mine amounted to approximately 10,000 tons grading approximately 0.14 ounces per ton ("opt").

The Granite Creek Property remained functionally dormant from 1950 to 1970, when an exploration group known as the Cordex I Syndicate ("Cordex") leased the Granite Creek Property from the Christison family (descendants of Mr.

Pinson and property owners), on the strength of its similarity to the Getchell property and structural position along the Range-Front fault zone bordering the Osgood Mountains.

During the late 1970s, Cordex reorganized into a Nevada partnership known as PMC, with Rayrock Resources as the project operator, and began production at the Granite Creek Property.

Cordex, and its successor, PMC, explored the Granite Creek Property largely through mapping and geochemical sampling.

There are three known mapping programs:

a regional mapping program from Preble to Getchell by Pete Chapman in the late 1970s;

a 1:6000 scale mapping program of the Granite Creek Property in 1983;

a 1:2400 scale mapping program of the pit areas through the active life of the mine.

PMC began developing the A pit in 1980 and produced gold the following year.

Production from the B pit began in 1982.

Step-out drilling in 1982 to 1983 to the northeast of the A zone intersected two more discrete zones:

the C zone (extending east-northeast from the A zone) and the CX zone (extending northeast from the C zone).

Step-out drilling northeast of the CX zone in 1984 located an apparently independent fault system (striking north-northwest), dipping steeply east that became the core of the Mag deposit, which went into production in 1987.

PMC produced from the CX, CX-West and Mag pits into the mid to late 1990s, until a combination of falling gold prices and erratic mill feed forced closure of the oxide mill in early 1998.

Continued attempts to expand production of oxide ore failed, and all active mining ceased on January 28, 1999.

The project was officially closed in May 2000.

In the 1990s, Homestake Mining Company ("Homestake") and Barrick Gold Corporation ("Barrick") became "fifty-fifty" partners in PMC through the purchase of minority interests.

Homestake and Barrick conducted an exploration program from 1996 to 2000 through PMC, expending approximately $12 million on the project.

The joint venture explored the deeper feeder fault zones of the Granite Creek Property, exploring for a large, high-grade gold system that would support a refractory mill complex.

This work, while successful in identifying gold mineralization with underground grades, failed to identify a deposit of sufficient size to be of development interest to Homestake or Barrick, and the partners concluded the exploration program.

Subsequent to that decision, in 2003, Barrick acquired Homestake and drilled an additional three exploration drillholes.

In August 2004, Atna Resources Ltd.

("Atna") acquired an option to earn a 70% joint venture interest in the Granite Creek Property from PMC, a wholly owned subsidiary of Barrick, and commenced additional follow-up exploration and development of the property.

Atna completed its earn-in in 2006 and vested in its 70% interest in the project after expending the required $12 million in exploration and development expenditures.

PMC elected to back-in to the project and re-earn an additional 40% interest (bringing PMC's interest to 70% and Atna's interest to 30%) on April 5, 2006.

PMC spent over $30 million on the project during the next three-year period and completed its "claw-back" in early 2009.

Their work included surface and underground diamond core drilling, RC drilling, underground drifting and surface infrastructure construction (rapid infiltration basins ("RIBs"), mineralized material stockpile pad, underground electrical service upgrades, etc.).

A new mining joint venture was formed in 2009 reflecting the project's ownership, with PMC owning a 70% interest in the venture and Atna owning a 30% interest.

PMC, as the majority interest owner, was the operator of the joint venture.

In September 2011, Atna negotiated the acquisition of PMC's 70% joint venture interest in the core property position at the Granite Creek Project.

The asset purchase and sale agreement included all right, title and interest to the core property described above, as well as an evergreen processing agreement with Barrick for the processing of underground refractory ores from Granite Creek at Barrick's Goldstrike facilities.

Development of the Granite Creek underground mine commenced in early 2012, and mine ramp-up began in late 2012.

In total, 6,011 feet of primary and secondary development were completed during 2012 and 2013.

The primary spiral ramp was driven to the 4530 level from the 4650 adit level, and both top cut and underhand ore mining occurred in three Ogee zone stope blocks during development.

Additional secondary access drifts were in progress when the mine was placed on care and maintenance to access the Range Front and Adams Peak mineral zones but were not completed prior to cessation of underground work.

Mining was performed by contract miners utilizing underground mining equipment owned by the contractor.

Approximately 30,000 short tons of ore containing 7,900 ounces of gold were mined and shipped to off-site processing facilities.

Work on the project continued until June 2013, when the mine was placed on care and maintenance.

This decision was driven by a number of factors, including the steep decline in gold prices in 2013.

In May 2014, the status of the underground mine was changed to an intermittent production status.

Under this status, periodic mining of ores from stoping areas developed in 2013 was conducted to develop and test revised stoping methods for the underground and to prove mining economics at small production rates.

Osgood LLC, then a wholly owned subsidiary of Waterton Global Resource Management, Inc.

("Waterton"), acquired the Granite Creek Project from Atna in May 2016, after Atna filed for Chapter 11 bankruptcy.

Osgood LLC completed numerous drillhole database compilation and verification campaigns, beginning with migration of the Atna database to Maxwell Resources' ("Maxwell") Datashed database software in 2017, and database verification and improvement efforts in 2018.

In 2016, Osgood LLC, with an external consultant, completed a project-scale structural geology study that included surface and underground mapping, historical data review and cross section interpretation aimed at defining the main structural architecture at Granite Creek and developing exploration and resource drilling targets.

This work formed the basis of an updated 3-dimensional (3D) litho-structural model that was used for the 2020 Mineral Resource estimation.

From 2017 to 2018, Osgood LLC also completed an extensive drill material inventory and salvage program that secured the available drill core and RC chips on the property.

Osgood LLC continued to maintain compliance and keep all environmental permits for the site in good standing.

This included performing permit-related sampling and reporting, as well as renewing permits.

Osgood LLC also performed regular inspections of the site.

During the ownership period, Osgood LLC worked with the State of Nevada to close out a Water Pollution Control Permit for a reclaimed portion of the mine, reducing the overall compliance monitoring and reporting liabilities for the operator.

In addition, Osgood LLC received approval from the State of Nevada to remove portions of the reclaimed site from the bond.

In addition to these geology and compliance activities, Osgood LLC continued to maintain and improve site infrastructure, including a third-party review of hydrology and dewatering requirements that resulted in the replacement of pumps and the upgrading of two dewatering well process controls.

RIBs have been maintained as needed, with water flows being tracked and monitored.

In April 2021, the Corporation completed its acquisition of Osgood LLC from Waterton.

In May 2021, additional land was purchased by the Corporation from Seven Dot Cattle Co.

and the Christison family.

In 2022, Section 21 fee land T.

was acquired by Osgood LLC from Nevada Gold Mines, and lessee interest on the BEE DEE unpatented claims in Section 6, T.

Geological Setting, Mineralization and Deposit Types

Regional Geology

The Granite Creek Property is located on the eastern flank of the Osgood Mountains within the Basin and Range tectonic province of northern Nevada.

The Granite Creek mine, together with the Preble, Getchell, Turquoise Ridge and Twin Creeks mines, are on what is referred to as the Getchell gold trend.

The main Getchell trend generally strikes northeast-southwest and has been cross-cut by secondary north-south and northwest-southeast-trending structures.

The deposits are hosted in Paleozoic marine sedimentary rocks.

The rocks are exposed in the Osgood Mountains and have been complexly thrust faulted and intruded by the Cretaceous-aged (92 million years ago) Osgood Mountains granodiorite stock.

These units are unconformably overlain by Miocene volcanic rocks.

Local Geology

The geology at the Granite Creek Property is typified by folded Cambrian to Ordovician sedimentary rocks that have been intruded by Cretaceous stocks, which have been cross-cut by later high-angle structural deformation.

It is suggested that the high angle faulting is related to the Basin and Range extension.

The older rocks are overlain by Miocene andesitic basalt and the surrounding fault-bounded basins filled with quaternary alluvial gravel.

The Osgood Mountains have a general northeast trend, although, in the vicinity of the Granite Creek mine, the east flank of the range trends north.

Gold mineralization is primarily hosted by fine-grained marine sedimentary rocks that overlie a large stock of Cretaceous granodiorite.

The Granite Creek Property is considered to be part of the Osgood Mountain terrane.

At the Granite Creek Property, Cambrian to Ordovician siliciclastic and carbonate rocks have been intruded by the Cretaceous Osgood Mountain granodiorite, resulting in the formation of large, metamorphosed aureoles with development of several tungsten-bearing skarns.

The lowest stratigraphic units recognized at the Granite Creek Property are the Cambrian phyllitic shales, limestone interbeds and various hornfelsed sedimentary rocks of the Preble Formation, which are juxtaposed against the granodioritic intrusive.

The Preble is overlain by Ordovician sedimentary rocks of the Comus Formation, both of which have been folded into a broad, north-plunging anticline.

The west flank of the anticline has been over-thrust by the Ordovician Valmy Formation, which consists of deep-water siliceous shales and cherts.

The core of the anticline and scattered localities along the east side of the Osgood Mountains are unconformably overlain or in fault contact with sandstones and conglomerates of the Battle Formation and limestones of the Etchart Formation.

Gold mineralization at the Granite Creek Property is primarily hosted in the Comus Formation.

Property Geology

The Granite Creek Property is located on the eastern flank of a large Cretaceous granodiorite stock that forms the southern core of the Osgood Mountains.

Rocks adjacent to the eastern side of the stock have a general east dip and strike sub-parallel to the trend of the Osgood Mountains.

The oldest units exposed against the granodiorite are Cambrian Preble phyllitic shales, interbedded limestones and various hornfelsed sediments.

Overlying the Preble is a thick package of Ordovician Comus sediments.

The lowest portion of the Comus is composed of medium to massively bedded, micritic to silty limestone.

The middle portion consists of interbedded limestone and shale layers with local interbedded debris flows.

The Upper Comus is comprised of mildly to non-calcareous shales with minor shaly limestone interbeds.

The depositional relationship between the Preble Formation and the overlying Comus Formation is not clearly understood.

At the Granite Creek Project, the two formations are in fault contact with each other and subparallel to the Range Front fault that juxtaposes the Comus Formation in the hanging wall against the Preble Formation in the footwall.

A Cretaceous aged (90 – 92 million years ago) granodiorite stock intrudes the Paleozoic section in the southern half of the Osgood Mountains.

Emplacement of the stock resulted in the formation of an irregular contact metamorphic aureole, which extends as much as 10,000 feet from the intrusive contact.

The metamorphic event resulted in the formation of maroon-colored, biotite-cordierite hornfels in the Upper Preble Formation and chiastolite hornfels in the Upper Comus Formation within much of the Granite Creek Property area.

Several tungsten-bearing skarn deposits were also formed along the margins of the stock.

Two tungsten skarns are on the Granite Creek Property.

Mineralization on the Granite Creek Property exhibits strong structural control.

A wide variety of mineralized structural orientations have been documented.

The most important structural feature on the Granite Creek Property is the network of faults that border the escarpment marking the southern and eastern edge of the Osgood granodiorite.

The fault system can be divided into three structural and stratigraphically mineralized zones, with each mineralized zone defined by one or more major structural elements.

These are referred to as the Range Front, CX and Mag zones.

Sedimentary rocks in the vicinity of this system generally dip steeply (easterly) away from the contacts of the granodiorite.

Mineralization

Underground mineralization associated with the CX and Range Front fault typically strikes northeast to north-northeast, with moderate to subvertical dip and thickness varying between 5 feet to 30 feet.

High-grade gold mineralized zones are moderately discontinuous and occur within near-vertical pipe-like bodies at fault intersections and along fault parallel structural corridors.

Gold mineralization is characterized by pervasive sulphide that consists of two stages of pyrite development, an early non-ore pyrite stage and a gold-bearing arsenian pyrite stage.

Megascopically, the gold-bearing pyrite is typically dull brassy to black in color and very fine-grained.

Pyrite may also be associated with remobilized carbon, imparting a "sooty" appearance to the pyrite.

Gold is primarily contained in pyrite as microscopic inclusions or found in arsenian-pyrite rims around fine pyrite grains.

Gold mineralization can be found in multiple styles, including fine sulphide associated with quartz veining and brecciation.

Gold mineralization at the Granite Creek Property is primarily hosted by the Upper and Lower Comus Formations, which consist of interbedded shale, siltstone and limestone.

The Upper Comus is the primary host lithology in the Mag zone and currently is host to the majority of surface resources at the deposit.

The Upper Comus is also locally mineralized within the A, B, C, CX, CX-West and portions of the Range Front zone.

The Lower Comus hosts the majority of the higher-grade underground resources.

The Preble rocks are a poor host for gold mineralization but do contain localized gold concentrations where they have been brecciated and are adjacent to major hydrothermal conduits.

Oxide mineralization includes pervasive limonite and hematite, along with other iron and arsenic oxides.

Oxidation is extensive in the CX fault system, occurring along the entire length of the zone and penetrating to a depth of 1,500 feet.

Within the Range Front fault system, oxidation is more variable than within the CX fault system.

In some fault and shear zones, oxidation may be present to depths of 1,800 feet, whereas in others it may only reach to depths of < 500 feet.

Mag Pit Mineralization

Gold mineralization within the Mag pit is hosted by interbedded carbonate and shale of the Upper Comus Formation.

The mineralized zone has a north-northwest orientation, sub-parallel to the Mag fault, dips to the east-northeast and plunges to the south-southeast.

The orebody is tabular, has a strike length of approximately 4,000 feet, varies from 200 to 400 feet in width, and has an average down dip extent of 450 feet.

Higher grade zones are localized along high-angle northwest or northeast-trending faults.

Mineralization within the Mag deposit is more disseminated and lower grade than the Range Front, CX and Ogee zones.

Gold mineralization is spatially associated with decarbonatization, kaolinization, white kaolinite fracture-filling, silicification and quartz veinlets.

With the exception of massive limestones, the original carbonate content of the host lithologies was removed during decarbonatization, leaving a porous silty textured rock.

Underground Mineralized Zones

Rangefront-Ogee Zone

The Rangefront zone consists of pervasive argillization and decarbonatization with intense brecciation along the lower bounding Rangefront fault.

Structural/mineralization trends are difficult to discern in this zone with mineralization occurring as discontinuous amorphous bodies within the Comus Formation.

High-grade zones are concentrated in the Lower Comus with anomalous mineralization present in the Preble Formation, proximal to the fault.

Silicification is minor, with calcite veins occurring along the margins of fault zones.

Structural and dissolution breccias that occur along bedding and structural intersections within the Lower Comus Formation are particularly receptive to mineralization.

The zone has a strike length of approximately 950 feet (290 meters), a down dip extent of 1,100 feet (335 meters), and an average width of 100 feet (30 meters).

Otto-Adam Peak Zone

The Otto-Adam Peak zone is defined by the Otto and Adam Peak faults and their associated splays.

The zone trends northeast, dips southeast, plunges to east-northeast and is offset down-dip by the CX West fault.

The zone is pervasively argillized with intense brecciation occurring along faults.

Mineralization is moderately continuous, controlled by a network of discrete anastomosing faults and splays within the Lower Comus Formation.

High grade mineralization occurs along fault intersections throughout the zone.

The mineralization has a strike length of approximately 500 feet (152 meters), a vertical extent of 700 feet (213 meters), and an average width of 75 feet (23 meters).

The Ogee zone is an east-northeast trending near vertical mineralized zone controlled by the Ogee Fault and associated splays.

The zone is argillized, decarbonatized, and intensely brecciated along faults.

The upper portion, defined by the intersection of the Ogee Fault and the contact between the Upper and Lower Comus Formation, plunges to the east-northeast at 55°.

The lower portion is near vertical and controlled by faults and structural intersections.

The upper portion is strongly oxidized while the lower portion is mostly oxidized but contains more comingled sulfide.

The mineralization has a strike length of 400 feet (122 meters), a vertical extent of 1,500 feet (457 meters), and an average width of 75 feet (23 meters).

The CX zone consists of both near-surface (open pit) and higher-grade underground mineralization.

The lower-grade open pit mineralization is controlled by the through-going CX fault and its associated hanging wall and footwall splays.

Mineralization is discontinuous and associated with pervasive argillization and decarbonatization within structural and dissolution breccias in the Lower Comus Formation.

The near surface portion of the zone has a strike length of 3,500 feet (1,066 meters), a down dip extent of 400 feet (122 meters), and an average width of 75 feet (23 meters).

The higher-grade underground portion of the mineralization is more tightly structurally controlled along the down-dip section of the CX Fault with an average width of 40 feet (12 meters).

The underground portion of the zone has a strike length of 1,000 feet (305 meters) and a down dip extent of 1,200 feet (366 meters).

South Pacific Zone

The South Pacific Zone (SPZ) is a northeast trending and southeast dipping zone of high-grade fault-bound mineralization with a northeast plunge of 45°.

The mineralization is controlled by the along-strike and down-dip extent of the Otto fault.

The zone is defined by a suite of northeast striking moderately southeast dipping anastomosing fault splays with the highest grades concentrated along faults that juxtapose the Upper and Lower Comus Formations.

The mineralization has a strike length of 1,250 feet (381 meters), a down dip extent of 900 feet (274 meters), and average fault-bound mineralization widths of 25 feet (7.6 meters).

Deposit Types

The structural setting, alteration mineralogy and mineralization characteristics of the deposit is consistent with Carlin-type deposits.

Exploration & Drilling

Granite Creek is an advanced stage project and as such the geologic focus is on drilling to convert resources and extend known mineralization trends.

Exploration work that has been conducted has focused on drilling of the northerly extension of the South Pacific Zone and Rangefront fault.

Recent drilling by i-80 Gold has been largely diamond core drilling from both underground and surface.

This drilling has focused on the mine area and extensions of the South Pacific Zone.

The following table presents a summary of drilling at the Granite Creek Property.

Drillholes Within the Current Property Boundary by Type and Operator

Core Holes (includes RC (1) pre-collar with Core Tail)

Rotary Footage

Total Footage

PMC - Barrick

1,802 831,656

3,231 1,439,403

(1) RC=reverse circulation

(2) Includes drilling subsequent to the date of the technical report

Sampling, Analysis and Data Verification

The Granite Creek property has been historically drilled using a combination of reverse circulation (“RC”) and diamond drilling.

The majority of drilling was completed from surface.

More recent drilling was completed as underground diamond core drilling.

Sampling protocols adopted by former operators were similar and generally followed industry best practices of the time.

RC samples were collected from the drill cyclone in 5-foot (1.5-meter) intervals.

Diamond core was sampled predominantly as 5-foot (1.5-meter) intervals but were locally adjusted based on geological alteration and oxidation contacts.

RC and core recovery were recorded and considered to be excellent.

Samples were prepared and analyzed by a number of accredited laboratories throughout the Granite Creek Project history, including ALS Chemex, Inspectorate American Laboratories (IAL), and American Assay Laboratories (AAL).

Data validation has been completed by various operators throughout the Project’s history.

This process comprised the checking of original assay certificates and drillhole records against the digital database.

This was completed most recently in April 2019 by Osgood Mining LLC.

Quality assurance/quality control (“QA/QC”) samples including Certified Reference Materials (“CRMs”), coarse blanks, and field duplicate samples were included regularly with samples submitted between 2005 and 2008.

A limited number of CRMs were included with drilling completed in 2012.

Samari of Global Resource Engineering, Ltd.

(“GRE”) reviewed all prior work on available QA/QC data between 2005 and 2015.

Samari of GRE also reviewed and checked QA/QC procedures and the database provided by the Company.

In general, the QA/QC sample insertion rates used fall below general accepted industry standards.

For future exploration campaigns, standards, blanks, and duplicates, including one standard, one duplicate, and one blank sample, should be inserted every 20 interval samples, as is common within industry standards.

CRM samples show a reasonable level of accuracy, but poor to moderate precision when using standard deviations provided by the CRM supplier.

A maximum of three to five different CRM samples would be adequate to monitor laboratory performance at the approximate cutoff grades, average grades, and higher grades of the deposits.

Blank sample results are considered acceptable and suggest no systematic contamination has occurred throughout the analytical process.

Duplicate sample results show suboptimal performance, which may be a result of the heterogenous nature of mineralization, uncrushed samples, and sampling variance.

Overall, duplicate samples appear to be positively biased, with duplicate results returning higher grade than original samples.

Based on the review of the project database and all existing project documents and the author’s observations of the geology and mineralization at the project during the site visit, GRE’s qualified person considers the lithology, mineralization, and assay data contained in the project database to be reasonably accurate and suitable for use in estimating mineral resources.

Mineral Processing and Metallurgical Testing

A wide range of metallurgical testing has been conducted on the Granite Creek deposit from 1999 to 2024.

These tests were conducted on material from the oxide, transition and sulfide domains (sulfide being primarily underground).

Test work focused on the primary variables in a typical gold project, including:

comminution, heap leaching, tank leaching (direct cyanidation and carbon in leach), solid/liquid separation, cyanide destruction, and refractory ore treatment (underground material).

The results of the test work program showed that the deposit (open pit resource) was amenable to both heap leach and carbon-in-leach (CIL) processes.

The heap leach gold extraction is proportional to the cyanide soluble gold content and the CIL extraction is proportional to the feed grade averaging 86.6% over the life of mine.

The Granite Creek material contains organic carbon and shows varying degrees of “preg-robbing,” as such the CIL process route was selected for the process.

The refractory underground material is currently toll treated in an offsite autoclave process.

A more recent program was completed in 2023 by FLSmidth focusing on oxidative pretreatment of the underground sulfide material using pressure oxidation.

Mineral Resource & Mineral Reserve Estimates

The Pinson deposit, for the purposes of modelling and estimations, is broken into two areas:

the open pit area and the underground area.

The open pit area is the location of previous open pit mining and includes the A pit, B pit, CX pit and Mag pit.

The underground area is considered separately from the open pit due to the narrow, vein-like structures associated with the resource.

The open pit and underground Mineral Resource estimates for the Granite Creek Property have been prepared following the guidelines of S-K 1300 and also in conformity with generally accepted "CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines 2019".

Mineral Resources have also been classified in accordance with the "Definition Standards for Mineral Resources and Mineral Reserves" adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Council on May 10, 2014.

The Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves under the S-K 1300 or CIM definition standards.

Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and there is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

The Granite Creek Property presently has no Mineral Reserves.

Whittle pit optimization was applied to the open pit Mineral Resource estimate to assess the reasonable prospects for economic extraction (RPEE) for the resource.

Stope optimization software was used to produce stope designs to the underground Mineral Resource estimate to assess RPEE for the resource.

Mineral Resource Statement

The Mineral Resource estimates presented herein are based on the current drillhole database for the Pinson deposit, previously mined out volumes and backfilled volumes.

The authors performed a data validation of the drill hole database prepared by the Corporation and determined it to be of suitable accuracy to perform a Mineral Resource estimate for the Granite Creek Property.

The tables below summarize the current open pit and underground Mineral Resource estimates for the Granite Creek Property effective through December 31, 2025.

Open Pit Statement of Mineral Resources As of December 31, 2025

Measured B Pit 2,910 1.32 123.4

A Pit 563 1.07 19.3

CX Pit 10,889 1.30 455.3

Mag Pit 12,000 1.21 468.0

Total 26,362 1.26 1,066.0

Indicated B Pit 360 1.10 12.7

A Pit 689 0.80 17.8

CX Pit 2,973 1.25 119.6

Mag Pit 7,317 0.93 219.2

Total 11,339 1.01 369.3

Measured and Indicated B Pit 3,270 1.29 136.1

A Pit 1,252 0.92 37.1

CX Pit 13,862 1.29 574.9

Mag Pit 19,317 1.11 687.1

Total 37,701 1.18 1,435.2

Inferred B Pit 32 0.64 0.7

A Pit 205 0.59 3.9

CX Pit 1,347 1.16 50.2

Mag Pit 563 1.11 20.2

Total 2,148 1.09 75.0

(1) The effective date of the Mineral Resource estimate in the Granite Creek Technical Report is December 31, 2024;

a Qualified Person and an employee of Global Resources Engineering, has reviewed the Granite Creek Open Pit mineral resources and material assumptions included in the Granite Creek Technical Report and confirmed that are current as of December 31, 2025.

(2) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

(3) Mineral resources are reported in grams per metric tonne (g/t) at a 0.30g/t cut-off, an assumed gold price of $2,040 $/per troy ounce using variable recovery, a slope angle of 41 degrees, 6% royalty, heap leach processing cost of $9.04 per tonne (includes admin) and CIL processing cost of $17.22 per tonne (includes admin).

The gold price used is the 36-month trailing average gold price as of December 31, 2024.

(4) The reference point is in situ

Underground Statement of Mineral Resources As Of December 31, 2025

South Pacific

Measured and Indicated

South Pacific

Notes Pertaining to Underground Mineral Resources:

Mineral Resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of $27.25 per ounce.

Metal price determinations were from 2024 Q3.

Mineral Resources have been estimated using gold metallurgical recoveries of 85.2% to 94.2% for pressure oxidation.

Payment for refractory mineralization sold to a third party is 58%.

Oxide CIL mineralization payments vary from 40% to 70% based upon the grade of the mineralization.

The cutoff grade reported in grams per metric tonne (g/t) for refractory Mineral Resources varies from 0.151 to 0.184 opt.

for acidic conditions.

The cutoff grade for oxide mineral resources is 0.075 opt.

The contained gold estimates in the Mineral Resource table have not been adjusted for metallurgical recoveries.

Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences.

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for economic extraction.

The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

The mineral resource estimates were prepared and reported using S-K 1300 definitions.

Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant factors.

Mineral Resources have an effective date of December 31, 2025.

Aaron Amoroso, a Qualified Person and an employee of the Company, has reviewed the Granite Creek Underground mineral resources and material assumptions included in the Granite Creek Technical Report and confirmed they are current as of December 31, 2025.

The reference point for mineral resources is in situ.

Criteria for Reasonable Prospects for Economic Extraction

The requirement, “reasonable prospects for economic extraction,” generally implies that the quantity and grade estimates meet certain economic thresholds and that the mineral resources are reported at a cutoff grade considering appropriate extraction scenarios and processing recoveries.

To meet this requirement, GRE considered that major portions of the Granite Creek deposit are amenable for open pit extraction.

To determine the quantities of material offering “reasonable prospects for economic extraction” by an open pit, GRE constructed open pit scenarios developed from the resource block model estimate using Whittle’s Lerchs-Grossman miner “Pit Optimizer” software.

Reasonable mining assumptions were applied to evaluate the portions of the block model (Measured, Indicated, and Inferred blocks) that could be “reasonably expected” to be mined from an open pit.

The optimization parameters presented in the table below were selected based on experience and benchmarking against similar projects.

The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate resource reporting cutoff grade.

GRE considers that the blocks located within the resulting conceptual pit envelope show “reasonable prospects for economic extraction” and can be reported as a mineral resource.

The Granite Creek open pit mineral resource is constrained by a Whittle pit shell that corresponds to a gold price of $2,040 per troy ounce.

For more information on the estimation parameters for both the open pit and underground Mineral Resource estimates see Section 11 of the Granite Creek technical report.

Granite Creek Resource Parameters for Open Pit Optimization

Mining Cost (waste/mineralized material)

$/ tonne mined

Heap Leach Cost

$/ tonne mineralized material treated

Carbon in Leach Cost

$/ tonne mineralized material treated

Heap Leach (HLCH) Recovery with CN Solubitity <60

CN solubility*100

Heap Leach (HLCH) Recovery with CN Solubitity >=60

((0.1225*[Au PPM])+0.4164)*100

((0.5388*CN Solubility)+0.3201)*100

Selling Costs and Penalties

Total Royalty (Simplified)

tonnes per year

To determine the quantities of material offering “reasonable prospects for economic extraction” by underground, stope optimization software was used to produce stope designs that meet minimum mineable geometric shapes that exceed cutoff grade.

These shapes include necessary low grade waste dilution required to produce a minable geometry.

The underground mineral resources are defined by a mining geometry consistent with the drift and fill mining method.

The dimensions of a minimum minable stope cross section are 15 ft wide x 15 ft high.

Individual stope lengths vary from a minimum of 20 ft to a maximum of 100 ft.

Mineral Resources Comparison

The comparison of the Mineral Resources as of December 31, 2024 and December 31, 2025 can be found in the table below.

The 2024 and 2025 Granite Creek Open Pit resources are the same as no material was depleted in 2025.

In 2025 the total tonnes and ounces in the Granite Creek Underground decreased in all categories.

The decrease in tonnes and ounces was due to depletion in 2025.

The updated Mineral Resource Estimate was calculated by adjusting for mined out material during 2025.

Mineral Resource depletion stated in the below table accounts for extracted material in 2025 from the Mineral Resource Estimate.

The Company also extracted additional material in 2025 that was outside of the Mineral Resource Estimate.

December 31, 2024

December 31, 2025

Percent Change

Granite Creek Underground - Measure

Granite Creek Underground - Indicated

Granite Creek Underground - Inferred

Granite Creek Open Pit - Measured

1,066 — 1,066 — 0%

Granite Creek Open Pit - Indicated

Granite Creek Open Pit - Inferred

Mining Operations

Mining Methods

The Granite Creek Mine Project will employ conventional open pit mining techniques using front end loaders and rear dump rigid frame haul trucks.

The mine plan is designed to deliver an average of 10,000 tonnes of potentially economically viable material per day from the open pit to the crusher which will then be run through the CIL mill.

Waste material would be either placed on waste rock storage facilities (WRSF) or as backfill in previously mined open pits.

Due to the irregular geometry and poor ground conditions, all production mining is planned as drift and fill mining.

Select areas may utilize long hole or other stoping techniques.

The final choice of mining method will depend upon the geometry of the stope block, proximity to main access ramps, ventilation and escape routes, the relative strength or weakness of the mineralized material and adjacent wall rock, and finally the value or grade of the mineralized material.

The choice of mining method will not be finalized until after the stope delineation and definition drilling is completed.

Drift and Fill is a very selective mining method.

A drift and fill stope is initiated by driving a waste crosscut from the access ramp to the ore.

The initial ore drift is driven at planned 15-feet wide by 15-feet high dimensions, with flat grade.

Once the initial drift is driven, floor may be pulled.

Where mining is planned adjacent to or below the drift, it is backfilled with CRF prior to mining the subsequent drifts.

Processing and Recovery Operations

Granite Creek Open Pit

The Granite Creek Open Pit Project is anticipated to employ open pit mining with a CIL system on a 365 day per year, 24 hour per day basis with 91% availability.

The CIL circuit will process ROM material, crushing to a nominal size of approximately 4 inches.

Crushed material will advance to a semi-autogenous (SAG) mill and ball mill grinding circuit, to produce a 75-micron product.

A pre-leach thickener will then be used to thicken the ground material and flocculant will be added to improve settling rates.

The thickener underflow will then be pumped to a series of CIL tanks in which the slurry flows sequentially.

As gold is extracted via cyanidation, it is quickly adsorbed onto carbon.

Carbon will flow counter-current to the slurry and be recovered in the first tank.

The loaded carbon will then be treated with an acid wash to remove any deposits and will be pumped to an elution column.

A stripping solution strips gold off the loaded carbon.

The pregnant solution will be pumped to the electrowinning process and the precious metal cathodes are smelted into dore bars.

A regeneration kiln is used for the reactivation of barren carbon from the elution column.

This reactivated carbon is pumped back into the last CIL tank.

Fresh carbon may be added to the regeneration kiln as well.

Tailings from the CIL tanks are pumped to a thickener and are stored in a tailings storage facility.

Granite Creek Underground

Refractory production from the Granite Creek underground operation is anticipated to be processed via milling, and pressure oxidation followed by CIL.

It is currently processed at a third-party destination capable of processing refractory material via an autoclave under a toll-milling agreement, until such time that i-80 has refurbished the Lone Tree Autoclave facility.

At this point, i-80 will begin processing the refractory material at Lone Tree, as part of a blended feed comprised of Granite Creek material along with material from i-80’s other mining operations.

The Lone Tree Autoclave Facility is located immediately adjacent to the I-80 highway, and approximately 40 miles from the Granite Creek property.

The Lone Tree autoclave processing facilities were shut down at the end of 2007.

Since that time, the mills have been rotated on a regular basis to lubricate the bearings.

The facility is still in place with, in general, most of the equipment sitting idle.

i-80 Gold’s objective is to refurbish and restart the pressure oxidation (POX) circuit and associated unit operations, including building a new oxygen plant and installing a tailings filtration plant, while meeting new regulatory requirements for allowable mercury emissions.

Oxide production from the Granite Creek underground operation is currently processed, depending on the grade, at either i-80’s heap leaching facility at Lone Tree for low-grade material or through an ore purchase agreement with a third party for higher grade material.

The Lone Tree facility will also be capable of processing oxide material upon completion via a bypass of the autoclave, directly to CIL processing.

Infrastructure, Permitting and Compliance Activities

Project Infrastructure

The Granite Creek mine is a past operating mine, and as such, has a large portion of the necessary infrastructure in place.

Existing infrastructure at the Granite Creek Property includes an office building, dry and warehouse facilities, a small shop facility and a lined stockpile area on the surface.

Landline telephone and digital subscriber line service are available at the Project site.

Cellular phone service is also available, but is dependent on the strength of receiving antennas, topography, and lines of sight.

A fiber optic line provides wifi throughout surface infrastructure and key areas of the underground to support phone, radio, and process control instrumentation.

The metallurgical laboratory is still on the project site, although the analytical equipment has been removed.

Within the lab are offices, a wet lab, sample preparation and a fire assay area.

In addition, there is a fully functional and operating truck scale adjacent to the office facility, which was used to weigh trucks when the underground material was toll treated by a third-party mill.

A paved county road (number 789) leads to the edge of the property with a short gravel section, less than one mile from the existing Granite Creek office building.

A complete well maintained road system allows access to the historic open pits and underground mine in the CX Pit.

Six deep dewatering wells were drilled and cased at the property, four of which are currently being operated.

Water from the dewatering system is discharged to one of two RIBs on the east side of the county road.

There is also a process water well, which feeds a process water tank and distribution system.

Electrical infrastructure suitable for mine operations is installed.

A 120 kV line feeds the mine-owned transformer, which is further stepped down to 13.8 kV, with available power estimated at 2 MW.

Power to the underground operations is supplied at 480 V.

There is a small transformer at the mine portal.

All power lines to the underground mine and dewatering system are above ground and mounted on poles.

Over 9,000 feet of underground workings have been completed at the property.

The mine is accessed through either of two portals, and dual egress has been established for most areas of the mine.

Where dual egress is not possible, rescue chambers have been installed.

Equipment is repaired in an underground mine shop.

Air doors and a ventilation fan provide required air supply to the workings in compliance with Mine Safety and Health Administration standards.

Water Management

To manage excess water at the project site, the Granite Creek Project has four permitted RIBs.

These are closed basins surrounded by a berm, which allow for the infiltration of excess mine water.

Two RIBs and associated pipelines have been constructed at the property.

A total of four RIBs are permitted for the infiltration of 6,900 gallons per minute ("gpm") of water.

In 2025 following a groundwater modeling / dewatering needs evaluation, it was determined that additional RIBs capacity would be needed to address the underground flows so the decision was made to move forward with the construction of the remaining two RIBs.

Construction commencement of these two RIBS is expected to begin in Q1 2026.

Additional groundwater studies will determine the Life of Mine (LOM) dewatering requirements for the mine site inclusive of potential future open pit expansion.

The site currently operates a water treatment plant (WTP) that came on-line in Q1 2024 and can treat approximately 800 gpm;

however, based on the 2025 studies and increased underground water flows, it was determined that an additional WTP would be needed to handle estimated flows between 3500-4000 gpm.

Construction of this larger WTP is commencing in Q1 2026.

Additionally, field work and subsequent testing associated with an attenuation study are also planned to start in Q1 2026.

Environmental Permitting Requirements

Active Permits

The permits listed below allow for the current ongoing underground operation at Granite Creek.

Major permit revisions, as well as additional permits,

will be required for the proposed plan of operations outlined in the technical report.

The National Environmental Policy Act (NEPA) is likely the largest single permitting hurdle that the project will face.

The NEPA process is required when disturbances are anticipated to take place on federal lands and non-patented mining claims.

It is reasonable to expect that this NEPA permitting effort will require the completion of an Environmental Impact Statement (EIS) through the BLM.

State permits are required for air quality protection, groundwater protection, surface water protection, and water rights.

Current major permits held by Osgood LLC are presented in the table below.

These permits do not permit on-site mineral processing, nor the large-scale storage of mine waste.

Granite Creek Project – Active Permits

Permit Number

Plan of Operations Granite Creek Mine Project

Class II Air Quality Operating Permit

AP1041-3086.02

Mercury Operating Permit to Construct

MOPTC AP1041-3089 (De Minimis)

Water Pollution Control Permit - Rapid Infiltration Basins

Water Pollution Control Permit - Granite Creek Mine

Mine Reclamation Permit

Granite Creek UG Mine Reclamation Permit

Mining Stormwater General Permit

Onsite Sewage Disposal System

GNEVOSDS09S0177

Hazardous Materials Storage Permit

Nevada State Fire Marshal

Waters of the United States Jurisdictional Determination

Request for Approved Jurisdictional Determination (AJD) submitted to USACE November 2022

The project site has full water rights for Granite Creek, the largest drainage that crosses the property.

Granite Creek is an ephemeral drainage that is captured upgradient from the CX pit and conveyed in a pipeline to the channel downgradient from the open pits, which then flows between the RIBs.

This water right is useful because if operations require it, this water can be managed at the discretion of the project.

Capital and Operating Costs

The open pit capital cost estimate has been prepared under the assumption of processing of open pit mined material at 10,000 tpd through a CIL.

Project costs were estimated using first principles, cost data from Infomine (2024), and the experience of senior staff.

The estimate assumes that the project will be operated by a contractor;

therefore, no mining equipment capital costs were included as this equipment would be provided by the contractor.

Granite Creek Open Pit Mine Project Capital Costs

Capital Cost (M)

Open Pit Mining Equipment

$— $— $— $— $0.9 $— $— $— $— $— $— $— $— $— $0.9

Capitalized Waste

$— $23.3 $6.8 $— $— $— $— $— $— $— $— $— $— $— $30.2

$73.3 $73.3 $— $— $— $4.6 $4.6 $4.6 $4.6 $4.6 $— $— $— $— $169.6

Infrastructure $4.7 $4.7 $— $— $— $— $— $— $— $— $— $— $— $— $9.4

G&A $— $4.8 $— $— $0.1 $— $— $0.1 $— $— $0.1 $— $— $— $5.1

Sustaining $— $0.1 $— $— $— $— $— $— $— $— $— $— $— $— $0.1

Working $— $— $10.6 $— $— $— $— $— $— $— $— $— $— $(10.6) $—

Reclamation $— $— $— $— $— $— $— $— $— $— $— $— $9.0 $9.0 $18.0

Permitting $5.0 $5.0 $— $— $— $— $— $— $— $— $— $— $— $— $10.0

Contingency $19.5 $21.9 $1.7 $— $0.2 $1.2 $1.2 $1.2 $1.2 $1.2 $— $— $— $— $49.2

Total $102.5 $133.1 $8.5 $— $1.2 $5.8 $5.8 $5.8 $5.8 $5.8 $0.1 $— $9.0 $9.0 $292.4

Granite Creek Open Pit Mine Project Operating Cost Summary

Total Operating Cost (millions)

Unit Operating Cost

Mining $637.0

$1.9 $/tonne mined

Processing $343.6

$9.9 $/tonne processed

$1.6 $/tonne processed

Contingency $206.8

Total $1,240.7

Capital cost estimates are based on past actual supplier costs, and internal estimates.

Capital contingencies are calculated at 15% of capital development and delineation drilling and 25% on everything else.

Capital costs estimates are within a range of accuracy of +/- 50% and are suitable for a preliminary economic assessment evaluation.

The underground capital costs are summarized below:

Granite Creek Underground Capital Cost Estimates ($000’s)

Capital Development

Delineation Drilling

Water Treatment Plant

Feasibility Study

Underground Electrical

Fans/Ventilation ($100.0)

Total operating cost, cost per ton and cost per ounce are shown below:

Granite Creek Underground Mine Total and Unit Operating Costs

Total Costs ($M)

Unit Cost ($/ton milled)

Cost per Ounce

Mining $331.7

Transportation & Processing

G&A, Royalties & Net Proceeds Tax

By-Product Credits

Total Operating Cost/Cash Costs

Closure & Reclamation

Sustaining Capital

All-in Sustaining Costs (1)

GRE considered the following key economic parameters to determine the best scenario:

NPV@5%, IRR, payback period, mine life, and initial capital cost.

The following table summarizes the results of the economic model:

Granite Creek Open Pit Mine Project Summary of Economic Model

Item Year Year Year Year Year Year Year Year Year Year Year Year Year Year

-2 -1 1 2 3 4 5 6 7 8 9 10 11 12

CIL Tonnes Processed (‘000s) — — 2,188 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 1,167 34,855

Contained CIL Au Oz Processed (‘000s) — — 132 145 143 116 99 167 197 184 136 60 20 1,397

Recovered CIL Au Oz (‘000s) — — 114 126 124 100 86 145 171 160 118 51 17 1,211

Gross Revenue (M$) — — 248 274 269 218 186 316 371 347 256 111 37 2,633

Refining/Selling Cost (M$) — — 1 1 1 1 0 1 1 1 1 0 0 6

Transportation Charges (M$) — — 0 0 0 0 0 0 0 0 0 0 0 0

Royalty (M$) — — 10 13 13 10 8 16 26 26 19 6 2 150

Net Smelter Revenue (M$) — — 237 260 256 207 178 299 344 320 236 105 35 2,476

Total Operating Costs (M$) — — 101 153 143 140 144 166 137 132 65 45 16 1,241

Owners Royalty Add Back Pre-Tax — — — — 1 1 — 3 14 15 11 1 1 46.7

Pre-Tax Operating Cash Flow — — 136 108 115 68 33 136 221 203 182 61 20 1,282

Federal Taxes (M$) — — 16 12 11 5 2 15 29 25 24 6 2 146

State Taxes (M$) — — 8 7 6 4 3 8 12 11 9 3 1 70

After-Tax Operating Cash Flow — — 112 89 97 58 28 114 181 168 150 53 18 1,067

Nevada Property Taxes (M$) — — 3 2 2 2 1 1 1 1 1 0 0 13

Total Capital Costs (M$) 103 133 9 0 1 6 6 6 6 6 0 0 0 274

Net Cash Flow After Tax (M$) -103 -133 90 86 82 44 18 94 153 143 132 47 7 661

Cumulative Net Cash Flow After Tax (M$) -103 -236 -146 -60 23 67 85 178 332 475 606 653 659

The following table summarizes the key economic results for the base case:

Granite Creek Open Pit Mine Project Key Economic Results

After Tax Economic Measure

After Tax NPV@5% (millions)

After Tax IRR

Initial Capital (millions)

Payback Period (years)

All-in Sustaining Cost ($/oz Au Produced)

Cash Cost ($/oz Au Produced)

Granite Creek underground is an operating mine and is in the initial production stage and ramping up to full production in 2025.

Positive cash flow occurs early in the economic model with corresponding high IRR and short payback times.

Granite Creek Underground Mine Cash Flow Statement

Working Capital

Operating Cash Flow

Total Capital

After Tax Cash Flow

Cumulative Cash Flow

Economic Analysis

Granite Creek Open Pit

GRE performed an economic analysis of the project by building an economic model based on the following assumptions:

• Federal corporate income tax rate of 21%

• Nevada taxes:

o Proceeds of Minerals Tax – variable, with a maximum of 5% of Net Proceeds

o Property tax – 2.5605%

o Nevada gold and silver mine royalty – variable, with a maximum of 1.1% of gross revenue

o Nevada Commerce tax of 0.051% on revenues greater than $4 million.

• Sales and use taxes are not included in the model

• Equipment depreciated over a straight 7 or 15 years and has no salvage value at the end of mine life

• Loss carried forward

• Depletion allowance, lesser of 15% of net revenue or 50% of operating costs

• Gold price of $2,175 per troy ounce

• Gold recovery calculated per block as detailed in Section 13

• Royalties on individual claims calculated by block, ranging from 0.02% to 7.5%, averaging 5.7%.

There also is a 10% royalty applied to net profit.

After analyzing the economic results of all cases considered, GRE selected the CIL only case with 0.85 g/t high grade cutoff, contractor operation, conventional tailings, and 133-tonne haul trucks and 21.9-tonne loaders as the base case as it results in the best overall economic results.

The economic model assumes a 1-year construction period.

The time for permitting has not been included in the economic model, but the permitting for the open pit mine is likely to take three to five years and occur during the underground mining portion of the project.

Open Pit Mine Financial Statistics

After Tax Economic Measure

Gold price (US$/oz)

Silver price (US$/oz)

Mine life (years)

Average mineralized mining rate (tons/day)

Average mineralized mining rate (tonnes/day)

Average grade (oz/t Au)

Average grade (g/t Au)

Average gold recovery (CIL %)

Average annual gold production (koz)

Total recovered gold (koz)

Initial Capital (Millions)

Sustaining capital (M$)

All-in Sustaining Cost ($/oz Au produced)

Cash Cost ($/oz Au produced)

After Tax NPV@5% (millions)

After Tax IRR

Underground Mine Financial Statistics

After Tax Economic Measure

With Inferred

Without Inferred

Gold price (US$/oz)

Silver price (US$/oz)

Mine life (years)

Average mineralized mining rate (tons/day)

Average mineralized mining rate (tonnes/day)

Average grade (oz/t Au)

Average grade (g/t Au)

Average gold recovery (autoclave %)

Average annual gold production (koz)

Total recovered gold (koz)

Sustaining capital (M$)

Cash cost (US$/oz) 1

All-in sustaining cost (US$/oz) 1,2

Project after-tax NPV 5% (M$)

Project after-tax NPV 8% (M$)

Project after-tax IRR

Payback Period

Profitability Index 5% 3

Net of byproduct sales;

Excluding income taxes, resource conversion drilling, corporate G&A, corporate taxes and interest on debt;

Profitability index (PI), is the ratio of payoff to investment of a proposed project.

It is a useful tool for ranking projects because it allows you to quantify the amount of value created per unit of investment.

A profitability index of 1 indicates breakeven;

This IA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the IA will be realized.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;

Inferred mineral resources constitute 50% of mass and 56% of gold ounces of all mineral resources.

The “Without Inferred” statistics presented are a gross factorization of the mine plan without any redesign of mine excavations or recalculation of productivities and costs.

Capital costs are the same for the “With Inferred” and “Without Inferred” scenarios.

The “Without Inferred” scenario is presented solely to illustrate the project’s dependence on inferred mineral resources;

The financial analysis contains certain information that may constitute "forward-looking information" under applicable Canadian and United States securities regulations.

Forward-looking information includes, but is not limited to, statements regarding the Company’s achievement of the full-year projections for ounce production, production costs, AISC costs per ounce, cash cost per ounce and realized gold/silver price per ounce, the Company’s ability to meet annual operations estimates, and statements about strategic plans, including future operations, future work programs, capital expenditures, discovery and production of minerals, price of gold and currency exchange rates, timing of geological reports and corporate and technical objectives.

Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking information, including the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Premier's annual information form under the heading "Risk Factors".

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.

Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information contained in this Presentation is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.

Premier disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Exploration, Development and Production

Confirmation of the historical drilling is needed to further delineate and potentially expand resources at Granite Creek.

Drilling should focus on areas adjacent to existing underground infrastructure along strike and dip of historic workings.

Many historic intercepts are currently classified as inferred but can be upgraded to measured and indicated with additional drilling.

Areas to focus with underground drilling include the Rangefront, Otto, and Adam Peak fault zones, as well as the area beneath the Ogee Zone.

Additional drilling from surface should test the Adam Peak and Otto fault zones, also known as the South Pacific Zone to the north along strike and deeper along dip.

Further surface drilling should test for extensions of mineralization at depth along the footwall of the Mag fault as well as infill areas of the known open-pit mineralization.

Additional metallurgical test work should be completed on the project to better define recoveries for all zones of the deposit.

• Collect samples for testing which are more spatially and mineralogical representative.

• Complete metallurgical testing to include:

• Cyanide solubility and pregnant solution robbing tests

• Bottle roll tests

• Bottle roll tests with carbon to simulate CIL treatment

• Leach column tests to simulate heap leach processing

• Expand the predictive geometallurgical model to better predict heap leach and CIL recovery.

• Complete additional autoclave tests, from underground materials, to predict recovery by any lithology or mineralogy variations.

The project currently has valid Nevada state permits for the underground mine.

However, these permits are not adequate to support the mine plan described in the Granite Creek Technical Report.

The project is anticipated to require a full EIS under the NEPA as well as many other state and federal permits.

Nevada is a pro-mining jurisdiction, and there is a high likelihood that the permits can be acquired.

However, there is a considerable amount of permitting work to accomplish prior to approval of the EIS with a Record of Decision (RoD) from the BLM.

This includes the creation of several baseline datasets, the creation of many supplemental environmental reports, and ultimately, the EIS.

It is recommended that this work commence as soon as possible because permitting may be the critical path to gold production.

Net Book Value

The net book value of Granite Creek and its associated plant, equipment and mineral interests was approximately $97.3 million as of December 31, 2025.

Ruby Hill Property

Current Technical Report

Unless otherwise indicated, information in this section is summarized or extracted from the technical report entitled “S-K 1300 Technical Report Summary Initial Assessment of the Ruby Hill Project, Eureka County NV ” effective December 31, 2024 prepared by Forte Dynamics, Inc., Practical Mining LLC, and TR Raponi Consulting Ltd.

(the “ Ruby Hill Technical Report ”).

Portions of the following information are based on assumptions, qualifications and procedures which are set out only in the full Ruby Hill Technical Report.

For a complete description of the assumptions, qualifications and procedures associated with the following information, reference should be made to the full text of the Ruby Hill Technical Report, which is available for review as an exhibit to the Company’s Form 10-K under its profile on Edgar at www.sec.gov.

Ruby Hill is considered an exploration stage project because the Company has not determined mineral reserves at the project, and the Company has started extraction activities without determining mineral reserves.

A QP and an employee of Practical Mining LLC, has approved the Ruby Hill Underground mineral resources included in this Annual Report on Form 10-K as of December 31, 2025 and reviewed the reserves and resources in the Ruby Hill Technical Report.

At the time of the preparation of the Ruby Hill technical report, Aaron Amoroso, a QP, was an employee of Forte Dynamics, Inc.

Subsequently to the published date of the Ruby Hill Technical Report, Mr.

Amoroso became an employee of the Company.

Amoroso has approved the Archimedes Open Pit and Mineral Point Open Pit mineral resources included in this Annual Report on Form 10-K as of December 31, 2025 and reviewed the mineral resources in the Ruby Hill Technical Report.

Project Description, Location and Access

The Ruby Hill property (“Ruby Hill”) consists of mining and mill site claims and patents, surface landholdings, water rights, mine and mineral processing infrastructure, the Mineral Point deposit, and the Archimedes deposits.

The Archimedes deposit is comprised of the West Archimedes, East Archimedes, Blackjack, 426 and Ruby Deeps zones.

The property comprises 10,608 acres and is located in the historic Eureka mining district of central Nevada and takes its name from the most significant historical mine, the Ruby Hill mine, which itself was named for the hill it lies beneath.

The property is located on owned fee land, owned and leased patented mining claims, and owned and leased unpatented mining claims.

The resources considered in this summary, and as detailed in the Ruby Hill Technical Report, include the Archimedes underground Carlin-style gold deposit and the Mineral Point distal disseminated silver-gold open pit deposit (collectively, the Ruby Hill Project”, individually “Archimedes” and “Mineral Point”) – see Figure 1-1 below .

The Ruby Hill Technical Report includes a Preliminary Economic Assessment/Initial Assessment (“PEA”) for the Archimedes underground, Archimedes open pit, and the Mineral Point open pit resource areas at Ruby Hill.

The mining contemplated for each of these areas is independent of the other and there is no interaction between them.

Exploitation of one area does not preclude exploitation of the other.

The Ruby Hill Technical Report considers each to be a stand-alone operation, and there has not been any shared benefit assigned to operating or capital costs.

See Figure 1-2 for current Plan of Operations boundary for the Ruby Hill Project.

Figure 1-1 Ruby Hill Property Area/Royalty Map

Figure 1-2 - Ruby Hill current Plan of Operations

Location - Ruby Hill is located on the Battle Mountain/Eureka gold trend approximately 1.5 miles northwest of the town of Eureka in Eureka County, Nevada, U.S.A., approximately 115 miles south of Elko and 245 miles east of the city of Reno, Nevada, U.S.A (see Figure 1-3 below).

It is centered at roughly 39°31.5’ N latitude and 115°59’ W longitude.

Access to the Ruby Hill Project area from Reno is via Interstate Highway 80 for 65 miles to the town of Fallon, then 180 miles east from Fallon on paved U.S.

Highway 50 to its intersection with Nevada State Highway 278, and south from U.S.

Highway 50 on a well-graded dirt road for less than one mile to the site gate.

The Ruby Hill Project area can also be accessed from Elko via Interstate Highway 80 for 35 km, then south on Highway 278 for 115 miles to Eureka.

Additionally, the Ruby Hill Project can be accessed from Ely, Nevada near the border with Utah, west along US Highway 50 for 78 miles.

The nearest airport is a regional airport located in Elko, Nevada.

Figure 1-3 Location of Ruby Hill Property within Nevada

Climate - Eureka County is typical of the high-desert environment.

Typical summer temperatures near Eureka range between 50°F and 82°F while winter temperatures range between 18°F and 38°F.

Average precipitation is about 11.8 inches including just under 59 inches of snowfall.

Typical snow accumulation is roughly 3 inches on average at lower elevations, although occasional large storms may accumulate significantly more for short durations.

The town of Eureka lies at about 6485 ft elevation, while the project area ranges from 6160 ft to 6680 ft.

Mining operations can continue year-round with brief pauses for summer lightning storms or unusually heavy winter snowstorms.

Land Rights - The property is located on owned fee land, owned and leased patented mining claims, and owned and leased unpatented mining claims.

The Ruby Hill land position comprises various forms of title.

On the northern Ruby Hill portion of the property, i-80, through its wholly owned subsidiaries Ruby Hill Mining Company, LLC (“RHMC”) and Golden Hill Mining Corporation, owns 34 patented claims (approximately 223.8839-233.464 acres), 640 unpatented claims (approximately 13,222.40 acres), and leases 7 unpatented lode claims (approximately 144.62 acres).

i-80 also owns a land patent covering about 1,644.94 acres in the vicinity of the Archimedes and Mineral Point deposits.

The mineral rights underlying the patented land are held by patented and unpatented lode claims.

Patented land is subject to property taxes and lease holding payments to the claim owner if applicable.

The BLM MLRS mining claim database shows all claim fees paid through September 2026 at an annual cost of approximately $137,000.

Royalties - Several royalties are in effect on various areas of the property.

The map included in Figure 1-1 above overlays the various royalty claims applicable to the Ruby Hill Property and to the Mineral Point and Archimedes deposit areas.

The tables below list the royalties in the Ruby Hill area and in the Golden Hill area.

Some royalties were retained by previous owners upon sale of the property while others were negotiated as lease agreements with claim holders.

Royalties are not payable until production occurs in the area covered by the royalty.

Ruby Hill Royalties

Lessor/Grantor Lease Type

ASARCO Incorporated 4% NSR

RG Royalties, LLC 3% NSR

& Elizabeth O.

Biale Trust 3% NSR

Placer Dome 2.5% NSR

Golden Hill Royalties

Lessor/Grantor Lease Type

ASARCO Incorporated 4% NSR

Biale Lease 3% NSR

Herrera Lease 4% NSR

MacKenzie Lease (50% Interest) 2% NSR

Warren Lease 4% NSR

RG Royalties 3% NSR

Royalty Consolidation Company 0.5-1.5% NSR

Environmental Considerations - The closure cost for Ruby Hill is estimated to be $30 million.

The associated surety bond was accepted by the Bureau of Land Management (BLM) on March 31, 2025, and covers authorized disturbance associated with issued permits for Ruby Hill.

There are no other known environmental liabilities associated with pre-Project operations.

RHMC controls a total of 8,107-acre feet per annum (AFA) of water rights for consumption and occupation.

Due to a history of over pumping in the region based on a heavy agricultural reliance, the Diamond Valley Basin was categorized as a Critical Management Area (CMA) by the Nevada State Engineer’s office in 2015.

The designation allowed the State Engineer and the community to agree on certain tools to reduce over-pumping, including the implementation of a Diamond Valley Groundwater Management Plan (GMP).

Following resolution of a lengthy legal dispute by senior water rights holders in the Basin, the GMP was reinstated effective January 1, 2023.

As a groundwater user within the GMP designated area, RHMC controls sufficient water rights to support its mining operations.

Social & Community Considerations - Eureka is a community that is familiar with and supportive of mining.

Mining activity at the property began in the 1860s and has continued with periodic interruptions until the present day.

Ruby Hill and its predecessors, including Homestake Mining Company and Barrick Gold Corporation, have each maintained comprehensive community relations programs.

Ruby Hill works closely with community and local stakeholders to provide updates on key developments, including Project status (operations and permitting) and community program and initiatives.

Due to the proximity of the mine to the town of Eureka, Ruby Hill monitors operating activities closely to ensure no negative impact to community.

RHMC holds quarterly meetings with the public, landowners, and County officials to discuss operational, permitting and community updates.

RHMC continues to have a positive professional relationship with its stakeholders, including its regulators at the federal and state agencies.

i-80 Gold acquired the Ruby Hill Project from Waterton Global Resource Management (“Waterton”) in July 2021.

Oxidized gold and silver deposits were first discovered by prospectors in the Ruby Hill area in 1864.

Following development of a furnace to recover metal from oxidized ores production from the Ruby Hill deposit commenced in 1873.

Smelting operations ceased by 1891.

Much of the historic work occurred south of the Ruby Hill Project, with historic mines and prospects scattered through the northern Fish Creek mountains west of Eureka extending south several miles towards the Little Smoky Valley.

The majority of historical production, estimated at about 80%, was from the original Ruby Hill mine located roughly 1 ¼ miles south of the Archimedes and Mineral Point deposits.

i-80 acquired Golden Hill Corporation and the historic Ruby Hill site (FAD property), consolidating their ownership of the Ruby Hill Complex.

Modern work at the Project began in 1992, when Homestake Mining Company (“Homestake”) made the Archimedes Carlin-type discovery at the current Ruby Hill Project area.

History prior to 1992 focused generally on the FAD portion of the property, while history from 1992 to the present has been focused on the Archimedes area.

One exception is the shaft relating to the TL deposit and the related historic underground mines, which Eureka Corporation mined from 1953-1958 in the vicinity of the current Mineral Point Trend resource area.

Barrick (following its acquisition of Homestake in 2001) sold the Ruby Hill property to Waterton in 2015, at which point the open pit mine was on care and maintenance following a slope failure on the south wall of the pit that caused suspension of mining activities in 2013.

Waterton established the current holding and operating company of the Ruby Hill property (Ruby Hill Mining Company, LLC, or “RHMC”) and proceeded to re-compile the Ruby Hill mineral resource database and study restart of operations and development of the Mineral Point, 426, Blackjack and Ruby Deeps zones.

RHMC continued to irrigate and recover gold from the heap leach pads and re-activated the open pit in 2020 to mine 12 benches on the north wall of the pit to the level of the slide material from the south wall that filled bottom of the pit.

Geological Setting, Mineralization and Deposit Types

Regional Geology

The Ruby Hill Property is located in the Eureka mining district in east-central Nevada, within the northern part of the Fish Creek Range which is a nearly continuous sequence of Cambrian and Ordovician sedimentary rocks totaling nearly 10,000 ft in thickness.

These strata accumulated on a stable continental shelf margin and consisted primarily of carbonate units with subordinate shale and sandstone.

The Cambrian Eldorado Dolomite, the Hamburg Dolomite and overlying Dunderberg Shale, portions of the Windfall Formation, and the Goodwin-Ninemile transition, host most of the mineralization within the district.

The Eureka district hosts mid-Cretaceous, igneous-related, polymetallic carbonate replacement deposits that have subsequently been overprinted by Carlin-type gold-silver mineralization.

Gold and silver mineralization possibly dates to the early-middle Cenozoic (Eocene) and temporally coincides with the onset of extension and Eocene-Oligocene magmatism.

Post mineral uplift exposed portions of the Archimedes gold deposit and likely contributed to the relatively deep level of oxidation.

Subsequent Miocene Basin and Range faulting resulted in reburial of the Archimedes system beneath 60 to 500 ft of Tertiary-Quaternary overburden in East Archimedes.

Local and Property Geology

The Ruby Hill Project area is located along the southeastern end of the Battle Mountain/Eureka gold trend.

The Eureka gold mining district exposes a nearly continuous sequence of Cambrian and Ordovician sedimentary rocks approximately 10,000' thick consisting of primarily carbonate units with subordinate shale and quartz sandstone.

The main precious metal mineralization at Ruby Hill occurs in favorable lithostratigraphic units bound by high angle structures that are interpreted to have been conduits for hydrothermal fluids responsible for gold and silver mineralization.

There is also earlier carbonate replacement base metal mineralization in skarn-altered limestone units proximal to Cretaceous intrusions.

Mineralization

Within the Ruby Hill Project area, two styles of mineralization occur:

• Early polymetallic (Au-Ag-Pb-Zn) skarn or carbonate replacement deposit ("CRD"):

Blackjack and TL.

• Late Au±Ag Carlin-type:

East Archimedes, West Archimedes, 426, Ruby Deeps, Mineral Point zones.

The polymetallic skarn and CRD style is the oldest mineralization event recognized at the Ruby Hill Project and related to emplacement of the Cretaceous intrusive units.

The precious metal-rich Carlin style overprints the older CRD event and interpreted to have developed during early-middle Cenozoic (Eocene) times, similar to other Au-Ag deposits of the Battle Mountain/Eureka Trend.

Mineralization is largely controlled by lithology and structure.

Gold-silver mineralization occurs broadly as a near N-trending zone (Mineral Point Trend), consisting of smaller zones of structurally and lithologically controlled deposits (East and West Archimedes, 426, Ruby Deeps, Mineral Point, Achilles, and Hector).

Mineralization, both Au-Ag and Au-Au-Pb-Zn is primarily hosted within the Windfall and Goodwin Formations, and within the Hamburg Dolomite.

Combined mineralization spans an area approximately 12,000 ft long, 9,000 ft wide, at the maxima, and spans from surface to approximately 2,400 ft below surface.

Mineralization is focused along high- and low-angle faults, lithologic contacts, fold axis, and sanded plus breccia zones.

Gold occurs as free grains within the oxide portions along with iron oxides, and associated with sulfide minerals (pyrite, arsenopyrite, arsenian pyrite, realgar, and orpiment) within the unoxidized portions of the deposits.

Within the oxide horizons, petrographic work for samples from the Archimedes deposits "…indicate(s) that the gold was originally associated with pyrite grains, with no evidence of silica encapsulation.

Higher grade gold mineralization occurs in zones of jasperoid and decalcified limestone".

Mineral Point Trend Geology and Mineralization - The Mineral Point Trend deposit consists of gold and silver mineralization hosted by the Cambrian Hamburg dolomite in the nose of a broad anticline that plunges to the north northeast and is bound to the east by the Holly Fault and to the west by the West Fault.

The Mineral Point Trend is 10,000 ft long, 2,400 ft wide and up to 500 ft thick.

The top of the Mineral Point Trend is near surface at its south end and 500 ft below surface at its north end.

Majority of the mineralization in the Mineral Point Trend deposit is oxidized and has a high ratio of cyanide soluble to fire assay total gold.

This deposit has not been mined and is the largest precious metal Mineral Resource in the Ruby Hill Project.

West Archimedes Geology and Mineralization - The West Archimedes deposit is hosted in the Ordovician Upper Goodwin limestone unit and is bound to the west by the Holly Fault.

The zone strikes north-west and dips shallowly to the north-east.

The deposit measures 2,000 ft along strike and 740 ft down dip and is up to 300 ft thick.

The majority of West Archimedes was mined in an open pit before mining at East Archimedes.

The mineralization in the West Archimedes deposit is oxidized and has a high ratio of cyanide soluble to fire assay total gold.

East Archimedes Geology and Mineralization - The East Archimedes Zone occurs east of the Graveyard Fault and proximal to the Graveyard Stock.

Mineralization extends eastward from the West Archimedes Zone in the Upper Goodwin Formation and extends downward in the Lower Laminated and Lower Goodwin units along the contact with the Graveyard Stock.

Silver and base metal grades are elevated in the East Archimedes zone in comparison with the other zones in the Ruby Hill Project in an envelope around the Blackjack zone replacement-style zinc mineralization described below.

Mineralization in East Archimedes is roughly 1,200 ft wide and 1,200 ft long in plan and extends from surface where it is well defined by shallow drilling to several mineralized intersections over 1,800 ft below surface.

The upper portion of the East Archimedes deposit, above an elevation of approximately 5,000 ft, is oxidized and transitional oxide-sulfide mineralization with a high ratio of cyanide soluble to total fire assay gold.

The upper portion of the East Archimedes zone has been mined from surface.

426 Zone Geology and Mineralization - The 426 zone occurs in the Lower Laminated unit of the Goodwin Formation and the upper part of the underlying basal Goodwin unit of the Goodwin Formation in the nose of a fold.

The mineralized zone forms a rod-shaped body plunging shallowly to the northeast that is 1,400 ft long, 200 ft wide and 200 ft thick.

The top of the zone is approximately 1,000' below surface, but it is 500' below the bottom of the current East Archimedes pit bottom.

Majority of the higher-grade mineralization occurring in the Goodwin Formation Lower Laminated unit is sulfide-style mineralization with a low ratio of cyanide soluble to total fire assay gold but the lower portion of the zone that is hosted in the basal Goodwin Unit has a moderate cyanide soluble to total fire assay gold mineralization.

Ruby Deeps Zone Geology and Mineralization - The Ruby Deeps zone is a north-northeast striking, shallowly east dipping zone of mineralization hosted in the Windfall Formation in proximity to bodies of Bullwhacker Sill intrusive bound by the Graveyard Fault to the east and the Holly Fault to the west.

The zone is 2,400 ft long 500 ft wide and 600 ft thick.

The top of the zone is 1,600 ft below surface and 1,000 ft below the bottom of the West Archimedes pit.

Within the zone there are several tabular horizons of higher-grade mineralization that are 40 ft to 100 ft thick.

Blackjack Zone Geology and Mineralization - The Blackjack zone is a pod of replacement style zinc mineralization hosted by the Lower Goodwin Unit directly in contact with the Graveyard Stock within the East Archimedes Zone.

Mineralization occurs as a pod of sphalerite mineralization with elevated lead, copper, and silver.

The base metal-rich carbonate replacement style mineralization has been overprinted by later Carlin-style gold mineralization.

The Blackjack zone measures approximately 500 ft wide, 500 ft long, and 950 ft high.

The upper part of the Blackjack zone is partially oxidized with a high-to-moderate ratio of cyanide soluble to total fire assay gold, but sphalerite is un-oxidized.

The lower portion of the zone is un-oxidized.

Deposit Types

Mineralization at Ruby Hill is characterized by intrusion-related distal-disseminated, carbonate replacement, and skarn deposits that have been overprinted by younger Carlin-type gold mineralization.

Polymetallic Replacement Deposits - The carbonate replacement mineralization is similar to other polymetallic (Pb-Zn-Ag ±Au) deposits found worldwide that are spatially associated with Cretaceous age intrusive units.

Carlin - Type Gold Deposits - Gold and silver mineralization within the Ruby Hill deposits is predominantly attributed to a Carlin-type overprint interpreted to temporally coincide with the onset of extensional tectonics and Eocene-Oligocene magmatism.

The structural setting, alteration mineralogy, and mineralization characteristics of the Ruby Hill gold deposits is consistent with Carlin-type deposits.

Carbonate Replacement and Carlin Style Mineralization at Ruby Hill - Elevated concentrations of zinc, lead, copper and silver are found in the Mineral Point Trend and the Blackjack zone and deeper parts of the Ruby Deeps zone of the Archimedes deposit.

This mineralization is attributed to the earlier polymetallic carbonate replacement phase of mineralization and is found in favorable carbonate units proximal to the Graveyard Stock and Bullwhacker Sill.

The gold mineralization at Ruby Hill precious metal deposits have features typical of Carlin-type gold deposits and can consider to be members of the broad spectrum of Carlin-type gold deposits found in the Great Basin.

These include:

• Complex structural and stratigraphic controls on gold mineralization.

• Nature of alteration (jasperoid formation, decalcification, sanding, argillic alteration).

• Association of micron scale gold with fine grained pyrite.

• General geochemical signature of anomalous As-Sb-Hg.

• Tertiary age of gold mineralization coinciding with Basin and Range extension.

The authors concluded that the local structural setting, host rocks and mineralization style of the Blackjack zone and deeper parts of the Ruby Deeps Zone and Mineral Point Trend are consistent with a carbonate replacement or skarn type Zn-Pb-Cu-Ag-Au style mineralization.

The tectonic and local structural settings, lithological characteristics of the host rock, alteration mineralization style of the Mineral Point, Hector, East Archimedes, West Archimedes 426 and Ruby Deeps zones are consistent with the Carlin-style sedimenthosted precious metal mineralization found in northern Nevada.

The authors expressed an opinion that deposit model concepts, and the understanding of the geological features of the Ruby Hill Project that control precious and base metal mineralization are sufficiently advanced to support exploration activities and Mineral Resource estimation.

Exploration & Drilling

The RHMC drillhole database consists of data from over 3,600 drillholes and 2.3 million feet of drilling from throughout the southern portion of Eureka County.

The database includes holes that have been drilled to test 24 different targets and includes reverse circulation, diamond core, reverse circulation pre-collar with diamond core tail and percussion and churn drill hole types.

A total of 2,491 drillholes have been drilled on the current Ruby Hill property and 2,100 drillholes totaling 1.5 million feet of drilling define the Mineral Point Trend and Archimedes deposits.

The dataset used to produce the Mineral Resource Estimate for the Mineral Point Trend consists of drillhole data compiled from eight companies and work carried out from 1950 to 2015;

however, 95% of the drilling was completed from 1992 to 2015 by Homestake, and subsequently by Barrick following completion of its acquisition of Homestake in 2004.

Just over 75% of drilling carried out at Ruby hill has been reverse circulation drilling.

Diamond drilling has been used to provide drill core for detailed geological and geotechnical logging, metallurgical sampling, to extend reverse circulation holes below the water table to ensure representative sampling for assaying and as twin holes to confirm reverse circulation hole sampling.

Mud rotary and other drill types have mainly been used to drill pre-collar holes for diamond drilling.

i-80 completed 9,883 feet of drilling in 2021 at Ruby Deeps for infill.

Holes were drilled using RC pre-collars followed by HQ core-tails.

In 2022, 137,210 feet of drilling was completed with a mix of core and RC.

Core drilling was conducted by National Drilling (Salt Lake City, UT) with RC conducted by Envirotech Drilling (Winnemucca, NV).

Where documented, core sizes drilled include PQ (3.345 in), HQ3 (2.406 in), HQ (2.5 in), and NQ (1.875 in).

Most holes were inclined.

Thirty-six i-80 holes totaling 75,546.5 feet contributed to the current resource estimation, representing about 30 percent of holes flagged for use in the Ruby Deeps and 426 deposits.

The remainder of the i-80 drilling was in exploration areas including Hilltop, Ruby Deeps expansion, Blackjack definition, 428, and Blue Sky.

All of the i-80 holes contributing to the current resource estimation were drilled using core or RC precollar with core tail.

Drill hole collars are surveyed by the Ruby Hill surveyor using Trimble equipment with sub-centimeter accuracy referencing a local base station with GNSS rover.

Coordinates are collected in the Ruby Hill mine grid, NAD83(2011), US survey feet.

Downhole surveys are performed by IDS using a north seeking gyro.

i-80 logs geological characteristics of drill samples in Excel, filling data fields similar to those recorded by Barrick and Homestake but with additional focus on sulfides to support characterization of CRD mineralization.

Data is organized in Excel sheets with tabs for geotechnical, sampling, lithology, alteration, oxide, sulfide, structure, point data, veins, density and water level information.

Core recovery averaged about 93%, which is comparable to core recovery of Barrick’s drilling campaigns.

Recovery within the modeled mineral envelopes is similar to overall recovery, about 93% for Ruby Deeps and about 95% for 426.

The slightly higher recovery within the 426 zone correlates with relatively high RQD values in the OGLL host unit.

Geometry of Carlin type mineralization at Ruby Hill is well understood, and drill spacing is close enough to allow true thickness to be reasonably represented by interpolating between mineralized intercepts in adjacent drill holes.

Most holes intersect the mineralization at near-normal orientations.

Sampling, Analysis and Data Verification

Since 2021, Carlin-type mineralization exploration samples have been submitted to ALS Minerals, an ISO/IEC 17025:2017 certified and accredited laboratory of Sparks, Nevada.

Base-metal mineralization exploration samples have been submitted to American Assay Laboratories, which is an ISO 9001 and 17025 certified and accredited laboratory in Sparks, Nevada, for sample preparation and analysis.

American Assay Laboratory is used for umpire check sample analysis of Carlin-type mineralization.

ALS Minerals is used for umpire check sample analysis of base-metal mineralization.

The drill and geochemical samples are collected in accordance with accepted industry standards.

Data verification was completed as part of the generation of the mineral resources estimate.

All data collected, including but not limited to collar location, downhole survey, geological, and analytical data, are subject to i-80 Gold’s Quality Assurance, Quality Control (“QAQC”) procedures.

RC samples were collected on 5-foot intervals using an adjustable cyclone splitter.

The target weight for each interval was approximately 8 kg of sample caught directly in a sample bag placed below the splitter.

Each sample was tied and placed in a sample bin.

Sample bins were transported from the drill site to the core yard area by a Company employee and then from there samples were picked up by either ALS Minerals, American Assay Laboratories, or Paragon Geochemical.

Core samples were cut by Company technicians using core saws at the Company’s core processing facility at Lone Tree.

Technicians prepare sample bags for the sample intervals specified in the logging geologist’s cut sheet.

Core sample intervals may range from one foot to ten feet.

The technician cuts the core in half, places one half into the sample bag and returns one half to the core box.

When the entire sample interval is split, the technician ties the bag and places it into a sample bin.

When splitting is complete for the hole, the sample bin is picked up by a driver for ALS Minerals, American Assay Laboratories, or Paragon Geochemical and delivered to the respective lab.

Both Core and RC samples were submitted to either ALS Minerals, American Assay Laboratories, or Paragon Geochemical, all located in Sparks, Nevada.

All labs are independent of the Company.

Paragon is certified under ISO/IEC 17025:2017.

ALS Minerals and American Assay Laboratories are ISO 9001 and 17025:2017 certified.

Samples were dried, weighed, screened, crushed to 70% passing 10 mesh, split to 250g with a riffle splitter, then pulverized to 85% passing 200 mesh.

Samples submitted through Paragon Geochemical were analysed with a 50 element suite (code 50AR-MS) using 0.5g aqua regia digestion with ICP-MS finish.

Samples submitted through ALS Minerals (4977 Energy Way, Reno, NV 89502 or 1345 Water St.

Elko, NV 89801) were analysed with a 35 element suite (code ME-ICP41) using 0.5g 4-acid digestion with ICP-AES finish.

The ALS ICP-AES facility is located at 2103 Dollarton Hwy, North Vancouver, BC, Canada.

Samples submitted through American Assay Laboratories (1506 Glendale Ave, Sparks, NV 89431) were only analysed for gold with pulps sent to ALS Minerals for multi-element analysis.

Each sample sent to Paragon Geochemical (1555 Industrial Way, Sparks, NV 89431) was analysed for Au using 30g fire assay, aqua regia digestion with AAS finish (code Au-AA30) with detection range 0.005 to 5 ppm Au.

Samples with Au result greater than 5 ppm Au were analysed using 30g fire assay with

gravimetric finish (code Au-GR30), detection range 0.14 to 10,000 ppm Au.

Each sample sent to ALS Minerals was analysed for Au using 30g fire assay, aqua regia digestion with AAS finish (code Au-AA23), with detection range 0.005 to 10 ppm Au.

Samples with Au result greater than 10 ppm Au were analysed using 30g fire assay with gravimetric finish (code Au-GRAV21), detection range 0.05 to 10,000 ppm Au.

Each sample sent to American Assay Laboratories was analysed for Au using 30g fire assay, aqua regia digestion with AAS finish (code FAPB30- ICP), with detection range 0.003 to 10 ppm Au.

Samples with Au result greater than 10 ppm Au were analysed using 30g fire assay with gravimetric finish (code GRAVAu30), detection range 0.103 to 10,000 ppm Au.

Core is transported from the drill to the Ruby Hill core shed, a rented facility near Ruby Hill which is fenced and locked.

It is stored in the core yard until it can be logged.

Once logging is complete, core is transported to Lone Tree by Company personnel for splitting.

Lone Tree is fenced and access is controlled with ID key cards.

Once splitting is complete, lab drivers pick up the samples, maintaining chain of custody.

RC samples are stored at the drill site under supervision of the drillers until the hole is complete.

It is then transported to the Ruby Hill core yard and stored for a short time until it can be picked up by the lab driver, maintaining chain of custody.

Split core retained in the original box is stored at the Lone Tree core yard.

Pulps are initially returned to the Lone Tree lab for check analysis before being stored at Lone Tree.

Several standards with various characteristics (high, medium and low grade, oxide and refractory) are in use at Ruby Hill.

The provenance of most of the standard material is Carlin type deposits.

Standards are inserted at a rate of approximately 5% with the goal of matching the standard grade to the nearby grade of the rock.

Blanks are inserted at a rate of approximately 5%.

Duplicates are made at approximately 5% (2.5% sample duplicates generated during the core splitting phase or at the drill rig with a Y-splitter in the case of RC samples, 2.5% prep dups generated after the pulverizing phase of sample prep by the assay laboratory.) QAQC is inserted at the discretion of the geologist performing the logging on core material.

QAQC for RC samples is pre-determined by the sample sheet which is made prior to drilling the hole.

The Company uses crushed marble for blanks, and for standards purchases certified reference materials from OREAS, a reputable supplier of reference materials for the mining industry.

Check samples are conducted at the Lone Tree assay lab facility once pulps are returned to the site.

All samples with values >1 ppm Au have a check assay performed, with a target check rate of about 10% of total sample stream.

It is the opinion of the qualified person responsible for Section 8 of the Ruby Hill Technical Report that sample preparation, security, and analytical procedures meet industry standard practices.

In 2023, Practical Mining updated the resource estimate in the Ruby Deeps and 426 areas to include new drilling.

102 drillholes were flagged for use in the estimate, and 15 holes (representing about 15% of the data set) were chosen for detailed review.

The holes selected for review were chosen to represent the area of interest in an even spatial distribution as well as represent different operators over time (i-80, Barrick and Homestake).

Practical Mining requested original hardcopy data records for the selected holes including collar location surveys, downhole deviation surveys, geology logs, and assay certificates.

Collar survey records were available for only four holes, two drilled by Barrick and two drilled by Homestake.

Another Barrick hole, BRH2C, was located a significant distance from the planned location recorded on the geology log.

Company geologists were subsequently able to recover survey data confirming the location of BRH2C.

Practical Mining recommends continuing to recover missing survey records, as well as systematically archiving data in digital and hard copy formats as new holes are drilled.

Practical Mining viewed holes in Vulcan to confirm collars coincide with topography.

Hole HC1399 lies about 32.5 feet above the original topography, but it is located in the topsoil stockpile area and was apparently drilled during construction of the stockpile.

All holes used in the estimation have downhole deviation surveys, although some hard copy records were not archived.

Downhole survey records were available for all of the selected Company and Barrick holes, and three of the Homestake holes.

All of the selected records match the database, except the most recently drilled Company hole, iRH22-57, which had an intermediate version of the survey taken before the final 1011 feet were drilled.

Updating the final survey will affect the location of a mineralized interval in the Ruby Deeps zone, but should not have a significant effect on the mineral estimation due to its location within the modeled zone and the small magnitude of the change relative to wide drillhole spacing.

All hole traces were viewed in Vulcan and no excessive deviation was noted.

Geology logs were available for all requested holes.

Logs match the database quite well.

Two Homestake holes had logs digitized for the core tail but not the RC pre-collars, and one Homestake hole had not been entered in the digital database at all.

Practical Mining recommends digitizing the data for consistency and to make the database more comprehensive, although it is unlikely to have an effect on the geology model since drill spacing is close and the geology data is interpolated between adjacent holes.

Practical Mining viewed all drillhole traces coded by lithology in Vulcan and observed that the drill data coincides very well with the Company’s lithological and structural models.

Assay certificates were unavailable for one requested Barrick hole and two Homestake holes.

Certificates for 12 holes were compared with the database and only one mismatch was identified, a minor error where the preliminary value was exported instead of the final value.

Practical Mining viewed all drillhole traces coded by assay grades in Vulcan and noted that grade and thickness correlate well between adjacent holes and along geological contacts.

Practical Mining recommended continuing to recover collar survey records and archiving all drilling records properly.

Practical Mining concluded the database was suitable for use in the Mineral Resource estimation.

Mineral Processing and Metallurgical Testing

For the Archimedes Underground, four test programs have been completed between 2008 and 2024 focused on refractory processing methods including flotation, roasting and pressure oxidation.

Based on the review of the testing programs, estimated gold recoveries in acidic pressure oxidation conditions with CIL are 96.8% for the 426 Zone, 96.0% for the Ruby Deeps Windfall mineralization type, 98.1% for the Ruby Deeps Dunderberg Shale mineralization type and 38.8% for the Ruby Deeps Intrusive mineralization type.

For the Mineral Point Open Pit Project, from 2011 to 2014, three test work programs were carried out by Kappes Cassiday Associates (KCA), focusing on column leaching and bottle roll leach testing of the Mineral Point deposit.

The metallurgical test work confirms the amenability of oxide material to heap leaching for precious metals extraction.

Mineral Point estimated recoveries are based on alteration type, ranging from 83% to 84.4% gold and 40% to 45.2% silver for oxide mineralization.

Mineral Resource and Mineral Reserve Estimates

Archimedes Open Pit

The Archimedes deposit was previously mined by Homestake and Barrick for West Archimedes and East Archimedes respectively.

Mining ceased after a pit wall failure.

In the Technical Report Summary an updated estimation of the Archimedes mineral resource has been developed Forte Dynamics, Inc.

(Forte), and the mining potential for continuing the surface exploitation of the deposit was evaluated to estimate a current open pit mineral resource estimate.

Forte Dynamics, Inc.

estimated the Archimedes open pit mineral resources detailed in the table below.

Mineral resources are not Mineral Reserves and have not been demonstrated to have economic viability.

There is no certainty that the mineral resource will be converted to Mineral Reserves.

Inferred mineral resources do not have sufficient confidence that modifying factors can be applied to convert them to mineral reserves.

The quantity and grade or quality is an estimate and is rounded to reflect the fact that it is an approximation.

Quantities may not sum due to rounding.

Summary Mineral Resources for Archimedes Open Pit at End of the Fiscal Year Ended December 31, 2025

Deposit Cutoff Au

Au (koz) Ag (koz)

Indicated Mineral Resources

Archimedes Pit 0.20 4,280 1.98 10.7 272 1,460

0.10 4,320 1.96 10.6 272 1,490

0.05 4,340 1.95 10.6 272 1,480

Inferred Mineral Resources

Archimedes Pit 0.20 820 1.18 8.9 31 230

0.10 870 1.12 8.5 31 250

0.05 880 1.11 8.5 31 250

(1) Mineral resources in the Ruby Hill Technical Report have an effective date of December 31, 2024.

Aaron Amoroso, a Qualified Person and an employee of the Company, has reviewed the Archimedes Open Pit mineral resources and material assumptions included in the Ruby Hill Technical Report and confirmed that they remain current as of December 31, 2025.

(2) Mineral resources are the portion of Mineral Point that can be mined profitably by open pit mining method and processed by heap leaching.

(3) Mineral resources are below an updated topographic surface (below Archimedes pit).

(4) Mineral resources are constrained to economic material inside a conceptual open pit shell.

The main parameters for pit shell construction are a gold price of $2,175/oz Au, a silver price of $26.00/oz, average gold recovery of 77%, average silver recovery of 40%, open pit mining costs of $3.31/tonne, heap leach average processing costs of $3.47/tonne, general and administrative cost of $0.83/tonne processed, gold refining cost of $1.85/oz, silver refining cost of $0.50, and a 3% royalty;

metal price determinations were from 2024 Q3

(5) Mineral resources are reported above a 0.1 g/t Au cutoff grade.

Silver revenues were not considered in the cutoff grade.

(6) Mineral resources are stated as in situ.

(7) Mineral resources have not been adjusted for metallurgical recoveries.

(8) Reported units are metric tonnes.

(9) Reported table numbers have been rounded as required by reporting guidelines and may result in summation discrepancies.

Criteria for Reasonable Prospects for Economic Extraction

The potential for economic extraction was determined by use of an economic pit limit program, MineFlow, from the Colorado School of Mines.

This utilizes a unique algorithm, but provides similar results to a Lerchs-Grossman (LG) analysis.

The economic parameters applied are equal to those used in the more detailed Mineral Point study shown in Table 13-13 of the Ruby Hill Project Technical Report Summary.

The bulk of the surface minable Archimedes deposit has been mined previously, leaving about 5 million tonnes of ore and 300 thousand gold ounces within the optimized pit shell and below the depleted topo surface.

Mineral Point Open Pit Mineral Resource Statement

Forte Dynamics, Inc.

estimated Mineral Point open pit mineral resources detailed in the table below.

The estimated tonnages and grades in the mineral resource estimate have not been adjusted for mining recovery and dilution.

Contained metal estimates in the mineral resource statement table have not been adjusted for metallurgical recoveries.

Mineral resources are not Mineral Reserves and have not been demonstrated to have economic viability.

There is no certainty that the mineral resource will be converted to mineral reserves.

The quantity and grade or quality is an estimate and is rounded to reflect the fact that it is an approximation.

Quantities may not sum due to rounding.

There is no guarantee that mineral resources can be converted to mineral reserves.

Inferred mineral resources do not have sufficient confidence that modifying factors can be applied to convert them to mineral reserves.

Summary Mineral Resources form Mineral Point Open Pit at End of the Fiscal Year Ended December 31, 2025

Indicated Mineral Resources

Mineral Point

Total Indicated

Inferred Mineral Resources

Mineral Point

Total Inferred

(1) Mineral resources in the Ruby Hill Technical Report have an effective date of December 31, 2024.

Aaron Amoroso, a Qualified Person and an employee of the Company, has reviewed the Mineral Point Open Pit mineral resources and material assumptions included in the Ruby Hill Technical Report and confirmed that they remain current as of December 31, 2025.

(2) Mineral resources are the portion of Mineral Point that can be mined profitably by open pit mining method and processed by heap leaching.

(3) Mineral resources are below an updated topographic surface.

(4) Mineral resources are constrained to economic material inside a conceptual open pit shell.

metal price determinations were from 2024 Q3.

(5) Mineral resources are reported above a 0.1 g/t Au cutoff grade.

(6) Mineral resources are stated as in situ.

(7) Mineral resources have not been adjusted for metallurgical recoveries.

(8) Reported units are metric tonnes.

(9) Reported table numbers have been rounded as required by reporting guidelines and may result in summation discrepancies.

Criteria for Reasonable Prospects for Economic Extraction

A mineral resource optimized LG pit shell was constructed to define the portion of the Mineral Point resource having reasonable prospects for economic extraction amenable to open pit mining and processing by heap leaching using the 25 ft x 25 ft x 25 ft block model.

Conceptual mining, processing and economic assumptions for the open pit resource shell are presented in Table 11-22 of the Ruby Hill Project Technical Report Summary.

Open pit mineral resources contained within the pit shell are reported above a fixed cut-off grade of 0.1 g/t Au.

Archimedes Underground

Practical Mining LLC estimated the Archimedes Underground mineral resource using all drilling and geological data available through October 31, 2022.

Summary Mineral Resources for Archimedes Underground at End of the Fiscal Year Ended December 31, 2025

Indicated Mineral Resources

Total Indicated

Inferred Mineral Resources

Total Inferred

(1) Underground mineral resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of $27.25 per ounce;

metal price determinations were from 2024 Q3

(2) Mineral resources have been estimated using pressure oxidation gold metallurgical recoveries of 96.8% and 89.5% for the 426 and Ruby Deeps deposits respectively.

(3) Pressure oxidation cutoff grades are 5.06 and 5.48 Au g/t (0.148 and 0.160 opt) for the 426 and Ruby Deeps deposits respectively.

(4) Detailed input mining, processing, and G&A costs are defined in Section 18.1.

(5) Units shown are metric.

(6) The contained gold ounces estimates in the mineral resource table have not been adjusted for metallurgical recoveries.

(7) Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences.

(8) A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for economic extraction.

The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

The dimensions of a minimum minable stope cross section are 20 feet wide x 15 feet high.

Individual stope lengths can vary from a minimum of 20 feet to a maximum of 100 feet.

(9) An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.

Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a Mineral Reserve.

It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

(10) Mineral resources, which are not Mineral Reserves, do not have demonstrated economic viability.

The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant factors.

(11) Mineral resources in the Ruby Hill Technical Report have an effective date of December 31, 2024.

A Qualified Person and employee of Practical Mining LLC, has reviewed the Ruby Hill Underground mineral resources and material assumptions included in the Ruby Hill Technical Report and confirmed that they remain current as of December 31, 2025.

(12) The reference point for mineral resources is in situ.

Criteria for Reasonable Prospects for Economic Extraction

Stope optimizer software is well suited to meet the requirement for Reasonable Prospects for Economic Extraction.

The software will produce stope designs that meet minimum minable geometric shapes that exceed the cutoff grade.

These shapes will include necessary low grade or waste dilution included with the stope design.

Mineral resources are defined by a mining geometry consistent with the drift and fill or drift and bench mining methods chosen.

The dimensions of a minimum minable stope cross section are 20 feet wide x 15 feet high.

Individual stope lengths can vary from a minimum of 20 feet to a maximum of 100 feet.

Mineral Resources Comparison

There has been no change in either the indicated or inferred mineral resources from December 31, 2024 to December 31.

The comparison of the Mineral Resources as of December 31, 2024 and December 31, 2025 can be found in the table below.

No resource material depletion occurred in 2025.

December 31, 2025

December 31, 2024

Percent Change

Ruby Hill Mineral Point Open Pit - Indicated

Ruby Hill Mineral Point Open Pit - Inferred

Ruby Hill Archimedes Underground - Indicated

Ruby Hill Archimedes Underground - Inferred

Ruby Hill Archimedes Open Pit - Indicated

Ruby Hill Archimedes Open Pit - Inferred

Mining and Operations

Archimedes Open Pit

The Archimedes Open Pit was previously mined using conventional truck and shovel open pit mining methods and future exploitation is expected to utilize the same methods.

Mineral Point Open Pit

Mineral Point is a large, disseminated gold and silver deposit.

The majority of the mineralization in the Mineral Point deposit is oxidized and has a high ratio of cyanide solubility.

Open pit optimizations have been performed to determine that Mineral Point is amenable to open pit mining methods.

The open pit optimization was performed using the Pseudo Flow algorithm in Hexagon Mine Plan software.

The pit optimizer delineates an economic pit shell that maximizes the value of the extractable material by incorporating the mining cost, processing cost, selling cost, gold recovery values, and an overall pit slope.

The Mineral Point Project is expected to consist of an open pit mining operation using conventional equipment.

The Project is a conventional hard rock open pit, and mining is planned to be self-performed.

Mining is planned on 50-foot (15-meter) benches using haul trucks, shovels, and conventional drill and blast activities.

Archimedes Underground

The Archimedes Underground is being developed as an underground underhand cut and fill mine.

The deposit will be accessed through portals being developed inside of the Archimedes pit and use truck haulage on ramps to transport material.

The deposit gold grade and depth makes it amenable to underground mining, however the depth is not great enough to anticipate the need for shaft mining.

The mine is planned as underhand cut and fill utilizing cemented rock fill (CRF) to backfill stopes.

This method is common in Northern Nevada and amenable to the ground conditions and geometry of the deposit.

As the resource is better defined and developed, opportunities will be explored to mine amenable portions of the deposit using long hole stoping or similar mining methods to reduce mining costs and increase production rates.

Processing and Recovery Operations

Historically, there have been three destinations for treatment of mineralization from the Ruby Hill Mine:

(i) run-of-mine (ROM) and crushed mineralization sent to a heap leach pad, (ii) crushing and tank leached mineralization, with agglomerated tailings routed to the heap leach pad, and (iii) higher-grade sulfide mineralization routed to the then-Barrick Goldstrike Operation for autoclave processing.

Current Heap Leach Operations

Residual leaching of the East Archimedes heap leach pad is ongoing with no additional mineralized material being added to it.

Leached gold is recovered by a carbon-in-column circuit and loaded carbon is treated off-site by a third party to produce doré.

Mineral Point Open Pit

The proposed process for Mineral Point Open Pit material includes primary and secondary crushing, conveyor stacking on a heap leach pad, extraction with cyanide solution, Merrill-Crowe recovery of precious metals and refining.

Archimedes Underground

Refractory production from the Ruby Hill operation will be processed via milling, and pressure oxidation followed by CIL.

It will be processed at a third-party destination capable of processing refractory material via an autoclave under a toll-milling agreement, until such time that i-80 has refurbished the Lone Tree Autoclave facility.

At this point, i-80 will begin processing the refractory material at Lone Tree, as part of a blended feed comprised of Ruby Hill material along with material from i-80’s other mining operations.

The Lone Tree Autoclave Facility is located immediately adjacent to I-80, approximately 160 miles from the Ruby Hill project.

The Lone Tree autoclave processing facilities were shut down at the end of 2007.

Since that time, the mills have been rotated on a regular basis to lubricate the bearings.

The facility is still in place with, in general, most of the equipment sitting idle.

For more information see Sections Strategy Overview and Discussion of Operation Results in the 10-K for more information on the Lone Tree Facility refurbishment.

Infrastructure, Permitting and Compliance Activities

Infrastructure

Mining conditions anticipated are typical for northern Nevada underground mines.

Underhand drift and fill along with long hole open stoping will be the primary mining methods.

Mining will be undertaken by a qualified contractor, eliminating the need to recruit a workforce and purchase mining equipment.

Transportation, electrical and support infrastructure already exists at Ruby Hill.

The project will leverage existing infrastructure from previous mining activities at the Ruby Hill site, including site access, haul roads, waste rock storage, and power supply, with necessary upgrades.

As of the date of the technical report, there were active dewatering wells, active monitoring wells, and active vibrating wire piezometers (VWPs).

Additional infrastructure requirements are limited to:

• Overhead power line and transformer at the portal site.

• Backfill and shotcrete plants.

• Fuel and oil storage near the portal.

• Contractor’s maintenance facility and office.

• Mine water supply tank.

Permitting approval for underground development and mining above the 5100 elevation was received in August 2025 and underground development commenced immediately thereafter.

Production mining in the 426 deposit will start in 2026 and continue through 2027 with oxide material processed on site in the existing heap leach facility, sold to a third party as an ore purchase agreement or processed at Lone Tree when it becomes operational, and refractory material sent to a third party for toll processing or processed at Lone Tree when it becomes operational.

Permits for mining below the 5100 elevation are anticipated in the second quarter of 2027 with development mining for the Ruby Deeps deposit beginning shortly thereafter.

In conjunction with the permitting actions associated with the Archimedes Underground Mine Project in-pit surface support facilities, a DNA was deemed sufficient for the PoO Amendment NVN-067782 approved by the BLM March 30, 2023.

Additionally, on June 23, 2023, the NDEP-BMRR approved an EDC to WPCP NEV0096103 for the construction of the surface facilities.

Water Use Permits

RHMC controls a total of 8,107 acre feet per annum (AFA) of water rights for consumption and occupation (RHMC, 2024).

Due to a history of over pumping in the region based on a heavy agricultural reliance, the Diamond Valley Basin was categorized as a CMA by the Nevada State Engineer’s office in 2015.

The designation allowed the State Engineer and the community to agree on certain tools to reduce over-pumping, including the implementation of a Diamond Valley GMP.

Following resolution of a lengthy legal dispute by senior water rights holders in the Basin, the GMP was reinstated effective January 1, 2023.

As a groundwater user within the GMP designated area, RHMC controls sufficient water rights to support its mining operations.

RHMC is currently permitted to carry out mining operations and reclamation activities at the Project site.

This permitting allows it to carry out the exploration, geotechnical and metallurgical field work recommended in this Report.

Specific permits related to site activities are presented in the following table.

Permit Name Permitting Agency/Authority Permit Number

Mine Plan of Operations BLM NVN-067782

Rights of Way BLM N-60801;

Class II Air Quality Operating Permit NDEP/BAPC AP1041-0713.05

Mercury Operating Permit to Construct NDEP/BAPC AP1041-2252

Water Pollution Control Permit –

Infiltration Project

NDEP/BMRR NEV2005106

Water Pollution Control Permit – Mine NDEP/BMRR NEV0096103

Reclamation Permit (Mine) NDEP/BMRR 0.000107

Mining Stormwater General Permit NDEP/BWPC NVR300000:

Public Drinking Water System NDEP-BSDW EU-0885-NTNC:

Nitrate Removal System NDEP-BSDW EU-0885-TP02:

Onsite Sewage Disposal System NDEP/BWPC GNEVOSDS09 L0107

Industrial Artificial Pond Permit NDOW S479016

Hazardous Materials Permit Nevada State Fire Marshal 0.125455

Class III Waivered Landfill NDEP-BSMM SWW362

EPA RCRA Hazardous Waste ID (Small Quantity Generator) NDEP-BSMM NVR000002899

Waters of the United States Jurisdictional Determination USACE USACE Jurisdictional Determination approval received 10/01/2025 and is valid for five years

Capital and Operating Costs

Archimedes Underground

Th e Company has a contract mining agreement with a reputable contractor for development mining at the Archimedes Underground Mine.

Because of this and the infrastructure in place from previous mining activity on the property, capital requirements for the project are only for the construction of underground mine infrastructure, and underground development.

The latter comprises 83% of total estimated capital expenditures.

The table below details the timing and total of capital expenditures required for the Archimedes Underground project.

Contingencies include 15% on capital mine development and resource delineation drilling and 25% on all other capital.

Project Capital Costs ($M)

Item Total 2025 2026 2027 2028 2029 2030 2031 2032 2033

Mine Development 100.0 7.8 21.0 12.8 25.1 21.7 2.6 3.7 3.0 2.4

Resource Conversion Drilling 10.6 2.1 0.0 8.5 0.0 0.0 0.0 0.0 0.0 0.0

Environmental Permitting 5.0 0.0 2.0 2.0 1.0 0.0 0.0 0.0 0.0 0.0

Feasibility Study 0.5 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0

Admin and Management 3.9 3.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

NV Energy 1.4 0.8 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Metallurgical Testing 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Dewatering Wells 3.9 3.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Contractor Mobilization 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Portal Construction 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Escape Hoist 0.5 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0

UG Electrical 3.7 0.2 1.0 0.5 0.5 0.5 0.5 0.5 0.0 0.0

Fans/Ventilation 2.8 0.0 1.2 0.2 0.4 0.4 0.3 0.3 0.0 0.0

Facilities Total 22.6 9.7 5.3 3.2 1.9 0.9 0.8 0.8 0.0 0.0

Contingency 22.3 2.9 4.5 4.5 4.7 3.5 0.6 0.7 0.5 0.4

Total Capital 155.4 22.5 30.8 29.0 31.7 26.0 4.0 5.2 3.5 2.8

Underground operating costs are listed in the table below.

Underground mining unit costs are from similar northern Nevada mining contracts and include allowances for owner supplied materials and commodities.

Other costs are Company estimates or supplier quotations.

Underground Mine Operating Costs

Item Unit Cost Units

Variable Costs

Stope Development Mining (15x20) $ 100.00 $/ton

Long Hole Stoping $ 80.00 $/ton

Sill Breasting (Floor Pull) $ 80.00 $/ton

Cemented Rockfill $ 37.93 $/fill ton

Unconsolidated Fill $ 13.00 $/ton

Lone Tree Pressure Oxidation – Acid $ 106.45 $/ton

Lone Tree Pressure Oxidation – Alkaline $ 70.81 $/ton

Over the Road Haulage – Lone Tree $ 39.15 $/wet ton

Over the Road Haulage – Third Party Sales $ 48.81 $/wet ton

Crush, Screen and Agglomerate Heap Leaching $ 8.63 $/ton

Run of Mine Heap Leaching $ 2.41 $/ton

Electrical Energy $ 0.08 $/kw-hr

Electrical Demand $ 10.39 $/kw

Property Holding Costs

Electrical Power

Total Fixed Cost $10.4M

Financial statistics are presented in the table below:

Financial Statistics

With Inferred

Without Inferred

Gold price - base case (US$/oz)

$2,175 $2,175

Silver price - base case (US$/oz)

Mine life (years)

Mining Rate (tons/day)

Tons Processed Autoclave (kton)

Average grade Autoclave (Au oz/ton)

Average gold recovery (Autoclave %)

Autoclave Gold Produced (koz)

Tons Processed Heap Leach (kton)

Average Grade Heap Leach (Au oz/ton)

Average gold recovery (Heap Leach %)

Heap Leach Gold Produced (koz)

Average annual gold production (koz) 102 31

Total recovered gold (koz) 928 272

Cash cost (US$/oz)

$1,769 $3,908

Sustaining Capital (M$)

All-in sustaining cost (US$/oz)

$1,893 $4,443

Pre-Production Capital (M$)

All in Costs (US$/oz)

$1,938 $4,692

Project after-tax NPV (M$)

$127 $(566.1)

Project after-tax NPV (M$)

Project after-tax IRR

Payback Period

Profitability Index 8

Net of byproduct sales;

Profitability index (PI), is the ratio of payoff to investment of a proposed project.

It is a useful tool for ranking projects because it allows you to quantify the amount of value created per unit of investment.

A profitability index of 1 indicates breakeven;

Excludes, construction capital, exploration, corporate G&A, interest on debt, and corporate taxes;

Excludes exploration, corporate G&A, interest on debt, and corporate taxes;

The financial analysis contains certain information that may constitute "forward-looking information" under applicable United States securities legislation.

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.

Accordingly, readers should not place undue reliance on forward-looking information.

i-80 disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Mineral Point Open Pit

The capital and operating costs used in the Ruby Hill Technical Report were based on costs from similar project work performed recently by Forte Dynamics, high-level quotes from vendors, and interpolation from CostMine™ models.

The qualified person believes that the estimates are appropriate for inclusion in this report and that these costs comply with the precision requirements for a Preliminary Economic Assessment/Initial Assessment.

The following table provides a summary of the capital costs by category for the project:

Mineral Point Project Capital Cost Summary

Category US$M

Mining Equipment $420.7

Process $316.0

Preproduction & Facilities $80.1

Owner’s Cost $93.6

CAPEX Waste Stripping $287.3

Total Contingency $185.5

Total CAPEX $1,383.2

Operating costs for the mine were benchmarked against other similar Northern Nevada sites.

The plant was estimated by scaling other simpler projects and interpolating published data from CostMine™.

This gave a total cash cost (net of by-product credit) of $1,270.19 per Au toz produced.

The following table provides a detailed breakdown of operating costs for the project.

Mineral Point LOM Operating Cost Summary

Operating Costs

$/oz Au Produced

Mining to Process

$$2.50 per ton

Mining Heap Leach Relocation

$$1.50 per ton

$$2.50 per ton

$$3.90 per ton

Mine Site G&A

$$0.75 per ton

Total Operating Costs:

Refining Cost Au

$$1.85 per toz

Refining Cost Ag

$$0.50 per toz

Royalties & State Taxes

Total Cash Costs:

Silver Revenue (by-product)

$$27.25 per toz

Total Cash Cost (net of by-product credit)

The detailed economic model for the Mineral Point Open Pit is included as Appendix B to the Ruby Hill Technical Report.

A constant dollar cash flow analysis for the Ruby Hill Project is presented in the table below:

Cash Flow Statement – Ruby Hill

Working Capital

Operating Cash Flow

Capital Costs

Capitalized Development

(100.0) (7.8)

Definition and Conversion Drilling

Mine Facilities

Total Capital

(155.5) (18.6)

After Tax Cash Flow

Cumulative Cash Flow

Reasonable Prospects for Economic Extraction

A mineral resource optimized LG pit shell was constructed to define the portion of the Mineral Point resource having reasonable prospects for economic extraction (RPEE) amenable to open pit mining and processing by heap leaching using the 25 ft x 25 ft x 25 ft block model.

Open pit mineral resources contained within the pit shell are reported above a fixed cut-off grade of 0.1 g/t Au.

See Section 11.4 of the Ruby Hill Report.

Parameters for Mineral Resource Pit Shell Construction

US$/toz 2,175

Au Process Recovery

Ag Process Recovery

Mining Operating Cost

US$/tonne 3.31

Processing Cost

US$/tonne 3.47

US$/tonne processed 0.83

Payable Metal

Treatment & Refining Cost - Gold

Treatment & Refining Cost - Silver

Overall Slope Angles (OSA)

Au and Ag presented recoveries are weighted averages for all materials.

Net Book Value

The net book value of the Ruby Hill Complex and its associated plant, equipment and mineral interests was approximately $112.9 million as of December 31, 2025.

Current Technical Report

Unless otherwise indicated, information in this section entitled “ Material Mineral Properties – Cove Project ” is summarized or extracted from the technical report entitled “ S-K1300 Initial Assessment & Technical Report Summary for the Cove Project, Lander County, Nevada ” effective December 31, 2024 prepared by Practical Mining LLC., TR Raponi Consulting Ltd.

and Montgomery & Associates (the “ Cove Technical Report ”).

Portions of the following information are based on assumptions, qualifications and procedures which are set out only in the full Cove Technical Report.

For a complete description of the assumptions, qualifications and procedures associated with the following information, reference should be made to the full text of the Cove Technical Report, which is available for review as an exhibit to the Company’s Form 10-K under its profile on Edgar at www.sec.gov.

An employee of Practical Mining LLC, has approved the Cove mineral resources included in this Annual Report on Form 10-K as of December 31, 2025 and reviewed the mineral resources and the material assumptions in the Cove Technical Report.

Property Description and Location

The Cove Project covers 32,110 acres and is located 32 miles south of the Town of Battle Mountain, in the Fish Creek Mountains of Lander County, Nevada.

It is centered approximately at 40°22’ N and 117°13’ W and lies within the McCoy Mining District.

The project area contains 1,728 unpatented and nine patented mining claims owned 100% by i-80, through its wholly-owned subsidiaries Premier Gold Mines USA, Inc.

and Au-Reka Gold Corp.

The unpatented claims are on land administered by the Bureau of Land Management (BLM).

The Cove deposit consists of the Helen, Gap, CSD, and 2201 zones.

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During this period the Cove deposit produced 2.6 million ounces of gold and 100 million ounces of silver.

Gold and silver production from heap leach pads continued until 2006.The following figure shows the location of the McCoy-Cove Property.

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Gold and silver production from heap leach pads continued until 2006.

The following figure shows the location of the McCoy-Cove Property.

On June 14, 2012, Premier USA, through its wholly-owned subsidiary, Au-Reka, acquired a 100% interest in the Cove portion of the McCoy-Cove Property (the "Cove Deposit") from Victoria Gold Corporation ("Victoria") pursuant to an asset purchase agreement dated June 4, 2012.

In the event of production from the Cove Deposit, the Corporation will make additional payments to Victoria in the aggregate amount of C$20 million.

Figure 1-1 Cove Property Area/Royalty Map.

Figure 1-1 Cove Property Area/Royalty Map

Location - Access to the McCoy-Cove Property area is via State Highway 305, 30 miles south from the Town of Battle Mountain, and then west approximately seven miles along the secondary paved McCoy Mine Road.

Battle Mountain is off Interstate Highway 80, approximately 70 miles west of Elko, Nevada.

See Figure 1-2 Location of Cove Property within Nevada.

Figure 1-2 Location of Cove Property within Nevada

Climate - The climate in Lander County is typical of the high-desert environment.

Average July temperatures range between 65°F and 75°F in the lower valleys and cooler in the higher elevations.

Summer highs in the valleys are approximately the mid-90°F, with temperatures in the range of 50°F or 60°F at night.

Winter temperatures average between 25°F and 45°F in the valleys with the possibility of frost from early September through June.

Average rainfall is 10 in to 15 in, with less than 10 in.

of rain in the lowest areas and up to 20 in.

occurring in the mountains.

The majority of precipitation falls between November and May, with the possibility of summer thunderstorms.

Land Rights - The Cove Project covers 32,110 acres and is located 32 miles south of the Town of Battle Mountain, in the Fish Creek Mountains of Lander County, Nevada.

It is centered approximately at 40°22’ N and 117°13’ W and lies within the McCoy Mining District.

The project area contains 1,728 unpatented claims (approximately 35,700.48 acres), and 9 patented mining claims (approximately 185.9 acres), owned 100% by i-80, through its wholly-owned subsidiaries Premier Gold Mines USA, Inc.

and Au-Reka Gold Corp.

The unpatented claims are on land administered by the Bureau of Land Management (BLM).

The BLM MLRS mining claim database shows all claim fees paid through September 2026.

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Patented claims are subject to property taxes, which were current at the time of this report.

In the event of production from the Cove Deposit, the Corporation will make additional payments to Victoria in the aggregate amount of C$20 million.

The Corporation is responsible for all environmental liabilities related to the closure of the McCoy-Cove Property as well as final clean-up of surface drill pads and minor drill roads.

Royalties - The Cove Property is subject to several royalties.

As of the date of this Annual Report, the following table summarizes the royalties present on the various properties making up the Cove Property.

See Figure 1-1 above for a detailed royalty map.

Several royalties are in effect on various areas of the property.

Some royalties were retained by previous owners upon sale of the property while others were negotiated as lease agreements with claim holders.

Cove Royalties

Lessor/Grantor

Maverix Metals (Nevada) Inc., a Nevada corporation 2% NSR

Chiara, as Co-Trustees of The R.

Chiara Family Trust,

Chiara, 2% NSR

Maverix Metals (Nevada) Inc., a Nevada corporation 1.5% NSR

Pursuant to the Cove Purchase Agreement in the event of production from the Cove portion of the Project, Premier will make additional payments to Victoria in the aggregate amount of C$20,000,000 (consisting of cash and/or the equivalent value of Premier common shares, at Premier's option), payable in four installments of $5,000,000 each upon the cumulative production, to Premier's account, of 250,000, 500,000, 750,000 and 1,000,000 troy ounces of gold from the Cove potion of the Project (Deferred Bullet Payment Consideration).

Environmental Considerations - The Corporation is responsible for all environmental liabilities related to the closure of the McCoy-Cove Property as well as final clean-up of surface drill pads and minor drill roads.

All closure activities other than reclamation of three water treatment ponds, evaporation of the tailings facility and water quality testing have been temporarily put on hold pending the potential for future production out of the Cove underground.

Access to the McCoy-Cove Property area is via State Highway 305, 30 miles south from the Town of Battle Mountain, and then west approximately seven miles along the secondary paved McCoy Mine Road.

Battle Mountain is off Interstate Highway 80, approximately 70 miles west of Elko, Nevada.

Social & Community Considerations - Over its history, the operation has contributed significantly to the economic development of Lander County through job creation and both direct and indirect economic benefits.

Au-Reka Gold LLC periodically hosts Town Hall meetings in Battle Mountain, Nevada, to offer operational updates to local stakeholders.

The company also collaborates with the Lander County School District and Mining Industry Foundation on various educational initiatives and activities.

Additionally, Au-Reka Gold LLC maintains strong, positive relationships with local government officials, ranchers, landowners, and nearby residents.

Gold was first discovered in the McCoy Mining District in 1914 by Joseph H.

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In June 2012, Premier entered into an agreement to acquire the lease of the McCoy-Cove Property from Victoria and subsequently acquired a 100% interest in the land package from Newmont in September 2014.

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Modern exploration for copper and gold in the McCoy Mining District started in the 1960s by Bear Creek Mining Company and Pilot Exploration drilling in 1967.

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Approximately 2.6 million ounces of gold were produced from the Cove open pit.

Geology and Mineral Resource

Geological Setting, Mineralization and Deposit Types

Regional Geology

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The property lies west of the central part of the Battle Mountain-Eureka Trend.

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During the Paleozoic, central Nevada was the site of the generally north-northeast trending continental margin of North America, along which pre-orogenic rocks of Cambrian to Early Mississippian age were deposited.

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The few samples studied from the Gap under the scanning electron microscope ("SEM") suggest it shares more in common with the CSD zone, though its silver content is lower overall.

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Polymetallic Sheeted Veins (Au-Ag±Pb-Zn) :

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The arsenic-bearing (assumed to also be gold-bearing) pyrite in the Helen are generally finer-grained, less euhedral and more poorly zoned than the arsenic-bearing CSD zone pyrite.

The complicated nature of the mineralized pyrite at the CSD zone is suggestive of a more complex and long-lasting mineralizing event in comparison to the seemingly simple Helen mineralization.

The complicated nature of the mineralized pyrite at the CSD zone is suggestive of a more complex and long-lasting mineralizing event in comparison to

the seemingly simple Helen mineralization.

In the 2201 zone, gold correlates with silver, arsenic, copper, iron, lead, antimony and zinc – a distinctly different grouping of elements from the CSD, Gap and Helen zones.

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Due to its depth, the 2201 zone has seen limited drilling since its original discovery in late 2013, however, additional infill and step-out drilling in the future will help to better define deposit potential and mineralization controls.

Exploration & Drilling

All drilling since January 2023 has been conducted from recently mined underground drill platforms for resource conversion of the Helen and Gap zones.

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The authors of the McCoy-Cove Report consider both core and RC data to be reliable.

Hydrogeological data, including groundwater elevation measurements were collected in conjunction with exploration in pre-construction studies and later from hydrogeological studies in the pit and planned underground mining areas.

Groundwater elevations were used to develop a piezometric surface and determine the direction of groundwater flow (hydraulic gradient).

A network of vibrating wire piezometers (“VWPs”) was the primary method of determining water levels to support mine site characterization.

Some water levels were collected from wells.

Most wells that were drilled underwent hydrologic testing to estimate aquifer parameters.

These tests included short-term and long-term pumping tests.

Data obtained from well testing were analyzed using industry standard analytical methods.

Analytical and numerical groundwater flow models were developed based on 3D geological modeling and supported by the site-specific aquifer test analysis results.

The Hydrogeologic Study Area (“HSA”) lies within the Basin and Range province which stretches from the Sierra Nevada to the Wasatch Front.

Beginning in 2022, Montgomery and Associates (“M&A”) began monitoring seeps and springs.

In 2023, additional seeps and springs were added to the group being monitored along with flows and wet/dry reaches of select drainages.

M&A has continued to conduct these surface water surveys each year, with one sampling event during high spring runoff and a second in late fall during low flow.

In 2021, M&A updated the groundwater flow model.

Over the past five years, M&A has updated and recalibrated the groundwater flow model two additional times, with the most recent model prepared for National Environmental Protection Act baseline characterization.

The proposed Cove Project will mine the Gap and Helen deposits beneath the bottom of the westernmost portion of the Cove Pit and extend to the west-northwest of the Cove Pit.

The underground mine begins with the decline at the surface along the northern side of the Cove Pit and then extends down to approximately 3,400 ft amsl.

With the decline primarily constructed down to the approximate water table of 4,630 ft amsl, mining down to the 3,400 ft level would occur over 9 years from 2029 through the end of 2037.

Dewatering will be required because the ore body is hosted entirely below the current water table.

The hydrogeological impacts from the proposed Cove Project are largely related to the required dewatering of approximately 1,000 feet during the first couple of years of mining ending in 2030.

To simulate Helen and Gap mining, the groundwater model is temporally extended through the end of mining, 2037, and then for an additional 500 years to simulate post-mining hydrogeologic recovery.

Predictive modeling is undertaken to simulate the dewatering efforts needed for the Cove Project in addition to its related simulating hydrogeological impacts.

Dewatering will occur through direct pumping from the Cove Pit Lake and from dewatering wells.

The water to be managed peaks in 2027 at approximately 55,000 gallons per minute (“gpm”) and declines to approximately 24,000 gpm at the end of 2037.

Pit lake pumping also peaks in 2027 at approximately 27,500 gpm and declines to nothing when the pit lake becomes dewatered at the end of 2032.

Well dewatering peaks in 2028 at approximately 33,000 gpm.

Dewatering was simulated using 15 wells screened through the vertical extent of the underground workings and extending down approximately 100 ft below the workings.

Of these 15 dewatering wells, 2 are the existing test wells (WE-01 and WE-02).

The remaining 13 dewatering wells will need to be constructed.

Residual passive inflow (“RPI”) represents seepage water within the underground workings that would need to be managed and sumped.

RPI is limited to approximately 100 gpm throughout the predictive simulation.

All managed water is discharged to RIBs.

The peak annual discharge to RIBs is approximately 43,000 gpm in 2028.

The annualized average discharge rate to the RIBs declines from the peak value in 2028 to approximately 24,000 gpm in 2037.

A numerical groundwater flow model was developed to estimate dewatering rates required for the Cove Project.

Existing hydrologic datasets, including measured water levels and results from pumping tests, were used to calibrate the numerical flow model.

Following model calibration, the model was used to simulate predictive dewatering rates.

Current Drilling Methodology

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A UTM NAD83 Zone 11N coordinate system is used.

Table of C o ntents

RC Drilling Procedures

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Although any sample with less than 100% recovery is sub-optimal, the authors believe the samples provide a reasonable representation of the rock package.

Sampling and Data Verification

Sampling, Analysis and Data Verification

Exploration samples are submitted to ALS Minerals, an ISO/IEC 17025:2017 certified and accredited laboratory in Sparks, Nevada, for sample preparation and analysis.

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Property Grid and Drill Hole Collars

Table of C o ntents

Mineral Processing and Metallurgical Testing

Testing programs completed demonstrate that samples from Gap and Helen zones are refractory to standard cyanide leaching.

Testing programs completed demonstrate that samples from the Gap and Helen zones are refractory to standard cyanide leaching.

The samples showed significant levels of preg robbing from naturally occurring carbonaceous matter and refractory gold in sulfide minerals.

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Head assaying for both the Helen Zone and Gap indicated that the gold in the two resources will likely be finely disseminated and not amenable to gravity gold recovery.

Mineral Resource Estimates

Metallurgical testing reviewed in regard to the Cove Project including date, laboratory, and listed accreditation are shown below:

Metallurgical Testing Program

Accreditation

Kappes Cassiday & Associates (KCA)

No certifications listed on website.

Independent of i-80.

Whole Ore Leaching and Flotation Tests

Kappes Cassiday & Associates (KCA)

No certifications listed on website.

Independent of i-80.

Roasting and Cyanidation of Calcine, Hot Lime Treatment, and Flotation Tests

SGS Lakefield Research Ltd.

Conforms to the requirements of the ISO/IEC 17025 standard for specific registered tests.

Independent of i-80.

Whole ore leaching, roasting, pressure oxidation and cyanidation of oxidation products

Kappes Cassiday & Associates (KCA)

No certifications listed on website.

Independent of i-80.

Whole ore chlorination oxidation and leaching

FLSmidth Minerals Testing and Research Center

No certifications listed on website.

Independent of i-80.

Whole ore pressure oxidation

Mineral Resource and Mineral Reserve Estimates

The mineral resource estimate presented herein has been prepared following the guidelines of S-K 1300 as well as NI 43-101 and Form 43-101F1 and in conformity with generally accepted "CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines 2019".

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of the Cove Technical Report.

Summary of Cove Mineral Resources at the End of the Fiscal Year Ended December 31, 2025

Indicated Mineral Resource

Helen 743 674 0.271 9.3 0.074 2.6 201 55

Gap 280 254 0.219 7.5 0.239 8.9 61 72

CSD 275 249 0.175 6 1.603 55 48 441

Total Indicated

Inferred Mineral Resource

Helen 1,743 1,582 0.245 8.4 0.083 2.9 427 146

Gap 2,229 2,022 0.244 8.4 0.262 9 543 585

CSD 319 290 0.173 5.9 1.685 57.8 55 538

2201 168 153 0.78 26.7 1.016 34.8 131 171

Total Inferred

(1) Mineral resources have been estimated at a gold price of $2,175 per troy ounce and a silver price of 27.25 per troy ounce;

metal price determinations were from 2024 Q3;

(2) Mineral resources have been estimated using gold metallurgical recoveries ranging from 73.2% to 93.3% for roasting and 78.5% to 95.1 % for pressure oxidation;

Roaster cutoff grades range from 4.15 to 5.29 Au g/t (0.121 to 0.154 opt) and pressure oxidation cutoff grades range from 3.83 to 4.64 Au g/t (0.112 to 0.135 opt);

(3) Roaster cutoff grades reported in grams per metric tonne (g/t) and ounce per ton (opt), range from 4.15 to 5.29 Au g/t (0.121 to 0.154 opt) and pressure oxidation cutoff grades range from 3.83 to 4.64 Au g/t (0.112 to 0.135 opt);

(4) The effective date of the mineral resource estimate is December 31, 2024;

Qualified Person and an employee of the Practical Mining LLC Company, has reviewed the Cove mineral resources and material assumptions included in the Cove Technical Report and confirmed that they remain current as of December 31, 2025.

(5) Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.

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The estimation search parameters are listed below and discusses in Section 11.8 of the Cove Technical Report.

Table of C o ntents

Estimation Parameters

Zone Mineral Lens Code Bearing Plunge Dip Major Search Axis (ft) Semi-major Search Axis (ft) Minor Search Axis (ft) Min Samp Max Samp

315 4.8 10.3 300 300 100 1 3

315 5.0 0.0 300 300 100 1 3

315 6.3 7.1 300 300 100 1 3

315 10.7 7.0 300 300 100 1 3

Mineral Lens Code

Major Search Axis (ft)

Semi-major Search Axis (ft)

Minor Search Axis (ft)

Upper Helen Wedge

315 6.2 -7.4 300 300 100 1 3

315 0.0 0.0 300 300 100 1 3

Lower Helen Wedge

315 -1.5 0.0 300 300 100 1 3

2201 high angle vein 1

1301 342 0.0 73.6 300 300 300 1 3

2201 high angle vein 2

1302 342 0.0 73.6 300 300 300 1 3

2201 high angle vein 3

1303 322 0.0 73.6 300 300 300 1 3

2201 low angle

315 7.6 15.7 300 300 100 1 3

Low_CSD_GAP and GAP Hybrid

22000 315 4.8 10.3 300 300 100 1 3

11000 315 6.3 7.1 300 300 100 1 3

Low_Upper Helen

31000 315 10.7 7.0 300 300 100 1 3

Low_Upper Helen Wedge

33000 315 6.2 -7.4 300 300 100 1 3

Low_Lower Helen

32000 315 0.0 0.0 300 300 100 1 3

Low_Lower Helen Wedge

34000 315 -1.5 0.0 300 300 100 1 3

Low_NE of CR fault

10000 315 0.0 0.0 300 300 100 1 3

Low_Other_1100X

315 6.3 7.1 300 300 100 1 3

Low_Other_2200X

315 4.8 10.3 300 300 100 1 3

Low_Other_3300X

315 6.2 -7.4 300 300 100 1 3

Low_Other_3400X

315 -1.5 0.0 300 300 100 1 3

A script was run on the estimated block model to populate the classification variable.

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The default value was defined as ‘none’, which was over-written by indicated or inferred where the required conditions were satisfied.

The conditions of the classification script are listed in the chart below.

Class Script Condition au_dist (ft) au_ndh au_nn_dist (ft)

Indicated if <100 at least 2 50 or less

Inferred elseif <=300 at least 2

The conditions of the classification script are listed below.

Classification Conditions

Script Condition

au_nn_dist (ft)

Significant parameters used in the gold and silver estimations included:

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Gold and silver for blocks outside modelled 3 g/t and low-grade shells were not estimated.

Criteria for Reasonable Prospects for Economic Extraction

To satisfy the requirement for “Reasonable Prospects for Economic Extraction” (RPEE).

Stope optimizer software is well suited to meet this requirement.

The software will produce stope designs that meet minimum minable geometric shapes that exceed the cutoff grade.

These shapes will include necessary low grade or waste dilution included with the stope design.

Cove mineral resources are defined by a mining geometry consistent with the drift and fill or drift and bench mining methods chosen.

The dimensions of a minimum minable stope cross section are 20 feet wide x 15 feet high.

Individual stope lengths can vary from a minimum of 20 feet to a maximum of 100 feet.

Mineral Resources Comparison

There has been no change in either the indicated or inferred mineral resources from December 31, 2024 to December 31.

The comparison of the Mineral Resources as of December 31, 2024 and December 31, 2025 can be found in the table below.

No resource material depletion occurred in 2025.

December 31, 2025

December 31, 2024

Percent Change

310 568 —% —%

1156 1439 —% —%

Mining and Operations

Due to the mostly flat geometry of the ore lenses, all planned production mining will be completed using drift and fill mining.

The choice of mining method will not be finalized until after the stope delineation and definition drilling is completed.

Drift and Fill is a very selective mining method.

A drift and fill stope is initiated by driving a waste crosscut from the access ramp to the ore.

The initial ore drift is driven at planned 13-feet wide by 13-feet high dimensions, with gradient varying between +/-20% to follow the geometry of the mineralization.

The minimum cut and fill drift height is eight feet to minimize dilution on the thinner mineralized lenses.

Once the initial drift is driven, floor may be pulled and/or back may be breasted down to capture the full thickness of the lens.

Where mining is planned adjacent to the drift, it will be backfilled with CRF prior to mining the subsequent drifts.

Processing and Recovery Operations

Mineralization from Cove operation which is amenable to roasting will be processed via dry grind, roasting followed by carbon in leach (CIL) at a third-party processing facility.

Mineralization from the Cove operation which is amenable to roasting will be processed via dry grind, roasting followed by carbon in leach (CIL) at a third-party processing facility.

Up to 750 tons per day of Cove production will be processed at this facility.

Beginning 2028, amenable production will also be processed through the Lone Tree pressure oxidation facility.

Beginning in 2028, amenable production will also be processed through the Lone Tree Autoclave facility.

Operating conditions will be determined.

Production will likely be blended with feed from other i-80 operations.

i-80 Gold plans to process single refractory ore from their Nevada mines at their Lone Tree Mill in a hub and spoke arrangement.

The Lone Tree Mine is located immediately adjacent to I-80, approximately 12 miles west of Battle Mountain, 50 miles east of Winnemucca, and 120 miles west of Elko.

Mining commenced at Lone Tree in April 1991 with the first gold pour in August of 1991.

In 1993, a POX circuit was added to the facility, which included a SAG / ball mill circuit, followed by a thickening circuit, the POX process for refractory gold ores, and finally CIL, carbon stripping, and refining.

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In 1997, a 4,500 tpd flotation plant was constructed to make concentrate to supplement the feed to the POX circuit, as well as to ship excess concentrate to Newmont’s Twin Creeks POX plant or to its Carlin roaster.

The Lone Tree Plant and Autoclave Facility is located immediately adjacent to the i-80 highway and approximately 50 miles from the Cove Property.

The Lone Tree processing facilities were shut down at the end of 2007.

Since that time, the mills have been rotated on a regular basis to lubricate the bearings.

In general, the facility is still in place with most of the equipment sitting idle.

i-80 Gold Corp’s objective is to refurbish and restart the POX circuit and associated unit operations, including the existing oxygen plant, as it was operating before the shut-down, while meeting all new regulatory requirements.

The flotation circuit is not being considered for restart.

The POX circuit will have capability to operate under either acidic or basic conditions.

In order to restart the process plant, new environmental regulations in relation to allowable mercury emissions must be met.

In February 2011, the NDEP and the EPA brought about new standards to limit mercury emissions to 127 lb of mercury for every million tons of ore processed.

In order to meet this requirement, the Lone Tree facility will require several environmental upgrades prior to restart.

I nfrastructure, Permitting and Compliance Activities

The facility is still in place with, in general, most of the equipment sitting idle.

Pursuant to a Class 3 Engineering Study for the refurbishment of the Lone Tree processing plant, as disclosed on Form 8-K by the Company on Form 8-K on December 18, 2025 the Company’s objective is to refurbish and restart the pressure oxidation (POX) circuit and associated unit operations, including building a new oxygen plant, while meeting new regulatory requirements for allowable mercury emissions.

The POX circuit will operate under acidic conditions and is planned to process up to 2,268 tonnes per day with total annual throughput of 827,806 tonnes based on 85% plant availability, consistent with historic production data.

Infrastructure, Permitting and Compliance Activities

Access to the mineralized zones is through a portal located just north of the Cove Pit.

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A trucking contractor will transport mineralization mined over local, state, and federal roads for processing at a third party roaster or at i-80’s Lone Tree pressure oxidation (POX) facility.

Dewatering will be accomplished using 15 surface wells and a pit lake barge producing up to 43,000 gallons per minute (gpm) Dewatering water will be piped to several Rapid Infiltration Basins (RIBs) constructed at the northern project boundary.

Dewatering will be accomplished using multiple surface and underground wellsand a pit lake barge.

Dewatering water will be piped to a series of Rapid Infiltration Basins (RIBs).

The RIB locations have been selected to prevent recharge into the Cove hydrogeologic system.

During the summer irrigation season water will be provided to local ranchers for irrigation of alfalfa crops.

Long term electrical power demands up to 11.5 MW will be supplied by NV Energy via an existing 120kV transmission line which connects the Project site to NV Energy’s Bannock substation.

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Power will be stepped down from the 120kV substation and use the same distribution line.

Baseline environmental studies have been undertaken to facilitate the National Environmental Protection Act (NEPA) administered by federal land management agencies.

Baseline environmental studies have been undertaken per National Environmental Protection Act (NEPA) permitting requirements administered by the federal Bureau of Land Management (BLM).

This, along with dewatering, constitutes the critical path to production.

A majority of the baseline studies have been submitted and approved.

All of the historical dewatering infrastructure has been removed except the water monitoring wells and piezometers.

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Mine Facilities

The below figure shows the proposed location of mine facilities.

The laydown area will contain the mine office, maintenance shop, equipment wash down bay, fuel and oil storage, employee dry facilities and warehouse.

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The laydown area of the mine will contain the main office, maintenance shop, equipment wash down bay, fuel and oil storage, employee dry facilities and warehouse.

Backfill material for unconsolidated waste fill can be obtained from any suitable source, such as development waste, open pit waste dumps or leach pads.

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The underground exploration decline was advanced in 2022-2023 followed by infill drilling of the ore body that continued in 2025.

Au-Reka is currently in the process of advancing the full-scale underground mining phase of the Project and, during 2023-2024, baseline studies were conducted to support the federal permitting action which is expected to be an Environmental Impact Statement (EIS) through the BLM.

In addition, an associated POO Amendment will also be completed and submitted to address the Project specifics for full-scale underground mining.

Au-Reka is currently in the process of advancing the full-scale underground mining permitting phase of the Project and, during 2023-2024, baseline studies were conducted to support the federal permitting action which is expected to be an Environmental Impact Statement (EIS) through the BLM.

In addition, an associated Plan Of Operations (POO) Amendment will also be completed and submitted to address the Project specifics for full-scale underground mining.

Nevada Division of Environmental Protection (NDEP) permits will also be secured as the Project permitting progresses.

McCoy-Cove Property Existing Permits

Permit Name Agency Permit Number

Plan of Operations - Cove Helen UG BLM NVN-088795

Plan of Operations - McCoy Cove Mine BLM NVN-067086

Plan of Operations - McCoy Cove Exploration BLM NVN-067716

Mine Reclamation Permit - Cove Helen UG NDEP-BMRR 342

Mine Reclamation Permit - McCoy Cove Mine NDEP-BMRR 147

Mine Reclamation Permit - McCoy Cove Exploration NDEP-BMRR 62

Surface Area Disturbance Permit - Cove Helen UG NDEP-BAPC AP1041-2192.03

Surface Area Disturbance Permit - McCoy Cove Exploration NDEP-BAPC AP1041-3762

Water Pollution Control Permit - Cove Helen UG NDEP-BMRR NEV2010102

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Water Pollution Control Permit - Cove Helen RIBs NDEP-BMRR NEV2010107

Water Pollution Control Permit - McCoy Cove Mine NDEP-BMRR NEV0088009

Mining Stormwater General Permit NDEP-BWPC NVR300000:

Onsite Sewage Disposal System General Permit NDEP-BWPC GNEVOSDS09L0112

Industrial Artificial Pond Permit NDOW S400418

Dam Safety Permit Nevada State Engineer/NDWR J-495

Class III Waivered Landfill NDEP-BSMM SW335

Permit Number

Plan of Operations - Cove Helen UG

Plan of Operations - McCoy Cove Mine

Plan of Operations - McCoy Cove Exploration

Mine Reclamation Permit - Cove Helen UG

Mine Reclamation Permit - McCoy Cove Mine

Mine Reclamation Permit - McCoy Cove Exploration

Surface Area Disturbance Permit - Cove Helen UG

AP1041-2192.03

Surface Area Disturbance Permit - McCoy Cove Exploration

Water Pollution Control Permit - Cove Helen UG

Water Pollution Control Permit - Cove Helen RIBs

Water Pollution Control Permit - McCoy Cove Mine

Mining Stormwater General Permit

Onsite Sewage Disposal System General Permit

GNEVOSDS09L0112

Industrial Artificial Pond Permit

Dam Safety Permit

Class III Waivered Landfill

Closure and Reclamation Requirements

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Average mineralized mining rate (tons/day) 1,010 200

Average mineralized mining rate (tonnes/day)

Average grade (oz/t Au) 0.305 0.313

Average grade (g/tonne Au)

Average gold recovery (roaster %) 79% 79%

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Project after-tax NPV 5% (M$)

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Project after-tax NPV 8% (M$)

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Premier disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Mineral Resources Comparison

For the year ended December 31, 2023, the Company was not subject to S-K 1300, and reported its mineral reserve and resources in accordance with NI 43-101.

The comparison of the Mineral Resources as of December 31, 2023 and December 31, 2024 can be found in the table below.

In 2024 for the Cove Underground Project, the total tonnes increased and total ounces decreased in comparison to 2023 in both the indicated and inferred categories.

The increase in tonnes is the result of using a higher gold price and lower cut-off grade.

The decrease in ounces is due to the use of stope optimizer software in the estimation process of the new resource.

The new methodology generates optimal mineable stope geometries while considering several factors including geological constraints, grade distribution and stope dimensions.

This significantly improves the accuracy of mineral resource estimates and has become an industry standard for underground deposits in Nevada.

December 31, 2024 December 31, 2023 Percent Difference

Category Ounces

Silver Ounces

Silver Gold Silver

Indicated 310 568 351 943 (12)% (40)%

Inferred 1156 1439 1353 2565 (15)% (44)%

Net Book Value

The net book value of the Cove Project and its associated plant, equipment and mineral interests was approximately $52.9 million as of December 31, 2024.

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Granite Creek

Property Description, Location and Access

The Granite Creek property (the "Granite Creek Property" or "Granite Creek Project"), was formerly known as the Getchell property, and originally as the Pinson property.

The Granite Creek Project is located in Humboldt County, Nevada, 28 miles northeast of the town of Winnemucca, and it is part of the historic Potosi mining district.

It is centered at roughly 41° 8’ N latitude and 117° 15.5’ W longitude.

It encompasses about 4,506 acres (1,823.5 hectares) including owned unpatented claims, leased unpatented claims and owned surface fee land.

The Granite Creek Property is accessed by a combination of paved interstate and state highways, and well-maintained, unpaved private roads.

The project site is 35 miles from Winnemucca by road and is 60 road miles northwest of Battle Mountain, Nevada.

The project area encompasses approximately 1,300 hectares in the Potosi mining district, surrounding and including the existing Granite Creek mine.

The following figure shows the location of the Granite Creek Property.

Ownership, Mineral Rights and Tenure

In April 2021, i-80 Gold Corp.

(the "Corporation"), through its wholly owned subsidiary, Premier Gold Mines USA, Inc.

("Premier USA"), completed its acquisition of Osgood Mining Company LLC ("Osgood LLC"), the owner of the Granite Creek Property.

In May 2021, the Corporation purchased additional property from Seven Dot Cattle Co.

LLC and the Christison family, and in May of 2022 purchased fee land from Nevada Gold Mines LLC, further increasing the size and ownership in the land package.

The approximately five square mile project area contains both private land and unpatented federal lode mining claims on Bureau of Land Management ("BLM") land.

The Corporation controls the Granite Creek Project through a combination of full ownership, majority ownership and leases.

The properties included in the project area and relation to the proposed mine plans are shown in the figure below.

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Granite Creek Property and Mining Claims Map

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Unpatented Federal Lode Mining Claims

The Corporation controls 68 mining claims covering portions of Sections 28 and 32, Township 38 North, Range 42 East, and 36 mining claims covering Section 6, Township 37 North, Range 42 East, through ownership (full or majority) and leases.

Federal and county holding costs for the unpatented mining claims for 2024 were approximately $22,060.The Corporation, through Osgood LLC, owns a 100% interest in the Pacific #1A-7A mining claims located in Section 28, Township 38 North, Range 42 East.

The Corporation, through Osgood LLC, owns a 100% interest in the CX #1A-23A claims located in Section 28, Township 38 North, Range 42 East.

These claims were initially staked by Pinson Mining Company ("PMC") and are subject to the Royal Gold Royalty and the PMC Royalty as described below.

The Corporation, through Osgood LLC, controls a 100% interest in the BEE DEE group of claims (56 mining claims) through a mining lease agreement with Franco-Nevada U.S.

Corporation (50%) and S&G Pinson, LLC (50%) as the current lessors (the "BEE DEE Lease Agreement").

These claims are located in Section 32, Township 38 North, Range 42 East and Section 6, Township 37 North, Range 42 East.

Osgood LLC is also required under the BEE DEE Lease Agreement to maintain the leased claims with the BLM and Humboldt County, Nevada.

The BEE DEE Lease Agreement expires on May 9, 2040.

These claims are subject to a 2% net mint or smelter returns ("NSR") royalty in favor of the lessors pursuant to the BEE DEE Lease Agreement, as well as the Royal Gold Royalty and the PMC Royalty as described below.

The Corporation, through Osgood LLC and Premier USA, owns a 11/12 interest in the Pinson #1A-18A mining claims located in Section 32, Township 38 North, Range 42 East.

1/2 interest is held by Premier Gold Mines USA, Inc.

The remaining 1/12 interest is owned by Michael Murphy, and is not leased by Osgood LLC.

The fact that Osgood LLC has not leased the unowned 1/12 interest in these claims does not preclude it from mining the claims.

These claims are subject to the Royal Gold Royalty and the PMC Royalty as described below, and are also subject to a royalty initially held by Kate Murphy et al.

The Corporation, through Osgood LLC, owns a 100% interest in Sections 29 and 33, Township 38 North, Range 42 East.

Section 29 is subject to the Royal Gold Royalty, the Cordilleran Royalty and the PMC Royalty as described below.

Section 33 is subject to the Royal Gold Royalty, the PMC Royalty, the Goldfield Royalty and the Conoco Royalty as described below.

The Corporation, through Osgood LLC and Premier USA, owns a 91.67% interest in the 120-acre parcel comprising the east half of the southwest quarter and southeast quarter of the southwest quarter of Section 28, Township 38 North, Range 42 East.

The remaining interest in this parcel is owned by Michael Murphy (8.33% undivided interest) and is not leased by Osgood LLC.

This parcel is subject to the Royal Gold Royalty and the PMC Royalty as described below, as well as a royalty tied to PMC's purchase of the land.

The Corporation, through Osgood LLC, owns a 100% interest in Section 21, Township 38 North, Range 42 East.

Section 21 is subject to the Royal Gold Royalty, and the PMC Royalty, as well as the NGM royalty as described below.

The Corporation, through Premier USA, owns a 100% interest in Section 31, Township 38 North, Range 42 East.

The Granite Creek Property is subject to several royalties.

As of the date of this Annual Report, the following table summarizes the royalties present on the various properties making up the Granite Creek Property.

Several royalties are in effect on various areas of the property.

Some royalties were retained by previous owners upon sale of the property while others were negotiated as lease agreements with claim holders.

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Summary of Royalties Related to the Granite Creek Property

Lessor/Grantor Lease Type

Gold Royalty U.S.

Franco-Nevada 2% NSR

Franco-Nevada and S&G Pinson 2% NSR

proportionate to individual interests Noceto/Phillips/K.

Murph 3.1249% NSR

proportionate to individual interests Noceto/Phillips/K.

Christison/J.

Christison/M.

Murphy 2% NSR

0.166667% (0.5 of 1/12th of 2%) NSR to Franco-Nevada and S&G Pinson 0.166667% NSR

Nevada Gold Mines 0.5% NSR

Royal Gold 3-5% NSR

1996 Sliding scale royalty with successors to agreement:

Royal Gold and D.M.

Duncan 1-4% NSR

Environmental Liabilities

The reclamation and closure cost for the Granite Creek Mine surface and underground is estimated to be approximately $3 million at December 31, 2024.

A bond in the amount of approximately $1 million is held by the Bureau of Land Management (BLM) to address reclamation activities associated with the underground mine while an additional approximately $2 million bond is held for surface reclamation activities.

Subsequent to year end the Company completed the three year update to the reclamation liability and the liability increased to approximately $5 million total, approximately $3 million of which is held by the BLM and the remaining $2 million held by the state of Nevada.

There are no other known environmental liabilities associated with pre-Project operations.

The Granite Creek Property has been explored by a number of individuals and mining/exploration companies since the late 1930s.

In 1949 and 1950, total production from the Granite Creek mine amounted to approximately 10,000 tons grading approximately 0.14 ounces per ton ("opt").

Pinson and property owners), on the strength of its similarity to the Getchell property and structural position along the Range-Front fault zone bordering the Osgood Mountains.

Following a surface mapping and sampling program in 1971, 17 reverse circulation ("RC") drillholes were completed in and around the 1940s era Granite Creek pit, confirming low-grade gold values.

An 18 th step-out hole encountered a 90-foot intercept of 0.17 opt gold.

This intercept was interpreted as a subcropping extension of known mineralization northeast of the original pit and was the basis for delineation of what would become the "A" zone at the Granite Creek Property, a 60-foot by 1,000-foot shear zone.